How do I protect my credit rating during a collaborative divorce?

When going through a divorce, it is important to protect your credit rating. One of the main components of Collaborative Divorce Law in Texas is the development of a contract between the two parties. This contract should include agreements regarding the division of assets, debts, and credit ratings. The first step to protecting your credit rating during a collaborative divorce is to not open any new lines of credit while in the process of the divorce. Doing so could make matters more complicated and could put your credit rating at risk. The second step is to make sure you are aware of what will happen to any joint credit accounts you have with your partner. If your partner is responsible and pays off the balances, then you should be okay. However, if they do not, then you should expect your credit rating to suffer. Third, you should work with your attorney to ensure any divorce settlement is clearly laid out and is fair. This will ensure you get a good settlement and that all debts are taken into consideration. Finally, you should keep up with your monthly payments of any joint accounts during and after the divorce. Doing so will keep your credit rating high, which is the goal. Doing all of these things will help ensure your credit rating is protected during and after a collaborative divorce.

Related FAQs

How do I protect my credit rating during a collaborative divorce?

Related FAQs

Related Blog Posts