The process of getting divorced from one’s spouse can be an emotionally draining event. Additionally, though, it can be a trying and complicating time in terms of personal finances, as there can often be ramifications to one’s credit rating.
Knowing what to keep an eye on regarding financial information during and following a divorce can considerably help consumers who are trying to build or maintain their credit standing.
For instance, consumers would be wise to check their credit reports as well as their credit score at the onset of their divorce. This can help consumers locate any discrepancies or other issues with their score.
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Additionally, consumers will want to figure out of any debts that may have been created during their marriage, as they’ll need to determine who is liable for them. Whether it’s late credit card or utility bills, car or house payments or some other type of debt, consumers are advised to go over everything they pay for monthly so they know where they stand in terms of debt, and can thus deal with them appropriately as the divorce unfolds.
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Should consumers find they will continue to pay some of these expenses following the divorce, meaning their ex-spouse will not help in paying them anymore, it may be best to make a calendar of payments so that they know when they need to be made during the billing period.
And a substantial way in which consumers can build their credit score following a divorce is to responsibly use their credit cards. Oftentimes, the period following a divorce can be a trying one fiscally, so maintaining—or developing—responsible spending habits can help stabilize one’s credit situation.
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