Evey Black Attorneys LLC
Hollidaysburg:
814-317-6914
Roaring Spring:
814-317-6254

Preventing credit issues after divorce

When couples in Pennsylvania divorce, finances are typically a primary area of concern. This is particularly true if a couple has joint debt in the form of loans, mortgages and credit card accounts. Therefore, it is crucial that debt and credit related issues be addressed during the divorce process.

Each spouse has his or her own credit history and score. Debts taken out by one spouse in his or her name only appear only in his or her credit history. However, many couples have joint debt, which can be reported on both credit histories.

Once the marriage ends, spouses should order copies of their credit reports from all three major credit bureaus. This allows a spouse to challenge any errors and to be aware of just what liabilities he or she is responsible for.

The spouse should then monitor the credit reports on a monthly basis. This will provide an alert if the other spouse opens a new joint account. In addition, if the ex has committed to paying a joint debt, the credit report will show whether that spouse is meeting those obligations. If the ex is not making payments, the credit of both spouses may be damaged. Knowing about late payments can allow a spouse to contact a creditor and make arrangements for timely payment.

When possible, spouses should close joint accounts and sign up for banking and credit accounts separately. However, if there is significant debt that must be paid before a joint account can be closed, spouses may benefit from speaking with family law attorneys. In some cases, it may be possible to divide this debt equitably in a divorce settlement, thus preventing one spouse from having to pay more than he or she is required to by law.

No Comments

Leave a comment
Comment Information

Get The Answers You Need

If you have a legal problem or opportunity, we invite you to discuss it with a friend and neighbor here at our firm.
Contact Evey Black Attorneys LLC to schedule a consultation today.

Contact the Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response
Evey Black Attorneys LLC
Hollidaysburg Office Map

Hollidaysburg Office
401 Allegheny Street
P.O. Box 415
Hollidaysburg, PA 16648

Phone: 814-317-6914
Fax: (814) 695-1750
Hollidaysburg Law Office Map

Roaring Spring Office
902 E. Main Street
P.O. Box 5
Roaring Spring, PA 16673

Phone: 814-317-6254
Fax: 814-224-5163
Roaring Spring Law Office Map

Roaring Spring Office Map