Will a Divorce Hurt My Credit Score?
When it comes to divorce, there’s plenty to worry about, and many people facing divorce are concerned about their credit scores. Divorce generally leaves both exes less financially well off – at least initially – but there’s no reason that it has to affect your credit score. You’ll want to be very careful moving forward, however, to help ensure that your credit score doesn’t take a hit. If you’re facing a divorce, discuss your concerns with an experienced Tampa family law attorney today.
Divorce Is Not a Credit Event
The fact of your divorce is not a credit event. Divorce, however, is a stressful transition that, in addition to causing financial hardship, can leave your financials in an unorganized mess that leads to credit dings. If your bills aren’t getting paid on time – regardless of the reason – your credit score is likely to suffer. Further, if your divorce leads to any of the following, your credit score will reflect the fact:
- Late payment of bills
- A lien on your property
- A charge-off (when a bank or creditor determines that a debt of yours is unlikely to ever be fully collected)
Any one of these financial events – and many more besides – can affect your credit score, and divorce can have wide-ranging financial effects. The best way to protect your credit score and your overall finances throughout your divorce and beyond is to avoid financial upsets from the outset by working closely with an experienced family law attorney. Remember, too, that creditors may be willing to work with you while you sort out financial issues related to your divorce.
Focus on Your Financials
Untangling your finances is a major component of your divorce, and the results are very likely to reverberate into your future. In the end, your marital assets – those assets that you acquired together as a married couple – will be divided between you in a manner that is deemed fair in relation to the circumstances. It can take a significant amount of time to hammer out a division that you are both willing to sign off on, however. And in the meantime, it’s not difficult to lose sight of your day-to-day financials, which can seriously affect your credit score.
When it comes to divorce and your finances, it’s critical that you remain focused on the here and now while you carefully plan for your future. It’s a tall order, but an experienced family law attorney can help you move through this difficult transition while experiencing as little financial upset as possible.
Help Protect Your Credit Score by Calling an Experienced Tampa Family Law Attorney Today
Your credit score is important to your financial future. Attorney Mark G. Rodriguez at the Law Office of Mark G. Rodriguez, P.A., in Tampa has more than three decades of experience helping clients like you successfully protect their financial rights in divorce. We’re here to help, so please don’t hesitate to contact us online or call us at 813-227-9642 today.