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Can divorce affect one’s credit?

On Behalf of | May 21, 2022 | Divorce |

Many individuals may feel it vital to put forth significant time and effort into building a brighter financial future. After cultivating a healthy credit score, one might wish to take every possible measure to protect this aspect of life, but there may be some circumstances in which such an endeavor might seem complex in nature. Individuals in Mississippi who are going through a divorce may have concerns over how the outcome of the situation might affect their credit and about the steps to take to safeguard their financial futures. 

Credit concerns 

When facing a similar change in life circumstances, one common concern could pertain to the presence of joint credit accounts. While closing joint accounts may be advisable, there could be some scenarios in which this could lead to a slight dip in one’s credit score. However, failing to close joint accounts could prompt a variety of potentially detrimental results and taking the necessary steps to address such issues may help safeguard one’s financial future. 

Another concern for those facing a similar life change may involve the financial impact of dissolving a marriage. Moving from a two-person income to life on one’s own can be financially demanding and creating a strategy to assist with the transition could prove essential in various ways. Creating a budget for life after divorce and checking one’s credit report could be integral to identifying risks and preparing to protect one’s interests. 

The future 

When facing a divorce, individuals in Mississippi who wish to find ways to protect their financial future could benefit from consulting with legal counsel in the early stages of the process. A family law attorney can address all a client’s concerns and needs and help create a strategy for legal proceedings that best aligns with his or her future interests. Such guidance could prove vital to helping a person prepare to make informed decisions while preparing to pursue the best outcome achievable regarding his or her future.