While divorce cases are emotionally disturbing for the entire family, several other stress points exist. For example, you have to deal with asset distribution, distribution of credit, child custody, etc. However, you must assess and sort it out before you protect your credits in a divorce case. You might not be a financial expert, but you can get one to handle all the credit card and bank accounts to avoid confusion. In addition, you also need a Delaware divorce attorney to understand your divorce case in detail. Divorce laws in the country comprise two legal authorities: the federal and state governments.
While the federal laws for all divorcing couples are the same, the state laws can differ from one region to another. This is why it is vital to consult an attorney before taking any steps regarding your credit in a divorce.
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Tips for sorting out your credit in a divorce
- Note down all the bank’s existing accounts.
Make a list of all the bank accounts you own. The list must include your joint and personal accounts but prioritize the joint bank accounts first to clear out all the credit. If you and your partner are currently making payments for any bills from a joint account you must keep track that the installments are released timely. Noting down all the bank accounts in front of you will give you a clear idea about how much debt you owe or any pending credit card payments.
Once you have cleared out all the bank accounts that are being used for payment, you can exclude them from the others. While your primary focus should be on your joint account with your spouse, you must also pay attention to your personal bank accounts. For instance, ensure that your spouse and you are regularly paying the debts owed by both.
After that, check your personal debts and what you pay from your account. You must not forget your personal debt while managing marital bills. Remember, your credit score will increase only when you manage all your debts timely.
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- Check the owner of all the credit cards.
When assessing your credit score, one of the most impulsive things people do is close all joint or shared bank accounts or credit cards immediately. However, think before you do this, as the time span of your credit card or bank account also plays a vital role in making a good credit score.
One of the solutions is not to close the account but remove one of the parties that own the bank account. When you do so, you must first check who owns the credit cards for which of your accounts.