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Your credit rating doesn’t need to plummet after divorce 

On Behalf of | Jan 13, 2022 | divorce

Although divorce provides former spouses with a chance to start over, there are numerous challenges to overcome before this point. Reaching agreements on what is best for the children or who gets to stay in the family home takes considerable effort. 

Finances are also generally at the heart of the process, with property and debt division taking top priority. Financial factors may have also contributed to the marriage breaking down. People’s credit rating often takes a hit through a legal separation, but this needn’t last forever. Outlined below are some ways to stay on top of your credit after divorce

Address debts during the divorce process

To make the most of your post-divorce life, you need to regain financial independence. This cannot be done until you have addressed all of the debt acquired during the marriage. Ideally, shared debt will be settled equitably and sole debts will remain in each party’s name. As a couple, any financial failings would likely have impacted you both. If you don’t address joint debts during divorce negotiations, this could remain the case. 

Live within your means

Even if your credit score has fallen below what you consider to be ideal, simple measures can bring it back to a level you are happy with. Setting a realistic budget is the first part of this process. Going from two incomes to one can be an adjustment, but it is manageable if you are organized. Living within your means and paying bills on time can see your credit restored within a matter of months. 

Divorce can be tough but it also brings a new and exciting chapter in your life. Gaining a further understanding of your legal rights in Florida will help make sure the process runs as smoothly as possible.