3 Ways Your Virginia Divorce Can Impact Your Credit Score
If you’re considering a Virginia divorce, be aware that both you and your spouse are responsible for any mutual financial accounts and debts. No matter what your specific situation, you’ll want to assess your financial situation and contact a Chesapeake divorce lawyer to protect your finances and your credit score.
A Virginia divorce can leave a lasting, negative imprint on your credit score. Even before you go through the divorce process, you’ll want to take steps to protect your financial future with which a Chesapeake divorce lawyer can help.
Without precautionary, proactive measures, divorces can negatively impact your credit with:
- Unpaid bills – creditors will hold both spouses responsible for debt and will actively pursue their due payments. They will quickly report outstanding credit card debt or car payments to the credit bureau.
- Foreclosure – if you inadvertently remain on the mortgage deed after giving the house to your spouse, it may result in a mark on your credit report if your spouse later lets the house go to foreclosure.
- Unknown responsibilities – if you don’t familiarize yourself with all your accounts and debts, and sever all financial ties with your spouse, you’ll be held liable for his future financial actions, which could wind up hurting your credit score.
The best thing you can do is try to become completely knowledgeable about your and your spouse’s financial status and responsibilities before your Virginia divorce, and to separate yourself financially from him.
Contacting a Chesapeake Divorce Lawyer
Throughout your divorce proceedings, you’ll naturally have a lot of questions specific to your circumstances, including questions about your financial responsibilities and credit score. Get your questions answered by requesting one of our FREE divorce guides for women, or reserving your seat at our monthly divorce seminar – 757-425-5200.
A Chesapeake divorce Lawyer in Virginia at Hofheimer Family Law Firm will commit to fighting for your rights, assisting in child custody disputes, and advocating that you receive everything you are entitled to and need in order to start your new life.