Understanding how a divorce could impact one's credit | Lane & Lane, LLC
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Understanding how a divorce could impact one's credit

It is no secret that dissolving a marriage can have an impact on a person's finances. However, some individuals in New Jersey might not be fully aware of how substantial an impact this could be if the necessary measures are not taken. For instance, those facing divorce may find it advisable to take certain steps to protect their credit scores, as failing to do so could prove devastating.

It might not be uncommon for many married couples to make the decision to open up joint banking accounts. Upon deciding to take separate paths in life, addressing these accounts could prove vital, as any activity that shows up on these accounts later on will still show up on one's credit report. Those who are facing divorce may find it advisable to close any joint accounts as soon as possible, as doing so could prevent a potential disaster.

While the same is true for joint debts, a person may also find it advisable to keep watch over marital debts even after a divorce is finalized. The terms in a divorce decree might not sway creditors from seeking repayment from all parties, regardless of which party assumed responsibility for the debt in divorce proceedings. Should the other party fail to keep up with payments on joint debts, the impact it could have on one's credit score could be catastrophic, and awareness of this risk could prove vital to addressing the issue and maintaining financial stability.

Those who wish to gain a better understanding of how to protect their financial futures during a divorce could benefit from obtaining guidance early in the process. By speaking with an attorney, a person in New Jersey could obtain much-needed advice on how to prepare for the subsequent process. This guidance could help place a person in a much better position to pursue the best outcome achievable and protect his or her finances during subsequent divorce proceedings.

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