How Divorce Affects Your Credit Score in Virginia

Posted on Apr 25, 2012 by Hofheimer Family Law

Filing a divorce claim does not impact your credit score automatically; however, the transition from sharing joint responsibilities with a spouse to determining who is responsible for those debts can impact your rating. How you will manage your debt burdens and finances going forward can create problems that may have a negative impact as well.

There are several different types of accounts and users on accounts. For instance, a joint account is one in which you and another person share responsibilities for the payments. A cosigned account is one in which a person is responsible for the payments, but in the event of default, the cosigner is responsible. Finally, an authorized user has permission to use the account but is not responsible for payments.

Often, married couples have joint accounts, and charges can be racked up while the divorce is still in process. A party may not want to pay, so the best way to avoid problems is to make sure that all joint, cosigned, and authorized user accounts are closed when the proceedings begin.

Help from a Virginia Divorce Attorney

If you are considering filing for divorce and need to know how to protect your finances and your good credit score, reach out to a divorce attorney in Virginia, at Hofheimer Family Law Firm, who will educate you about your options – 1-757-425-5200.