Bedrock Divorce Advisors
My Forbes.com Articles
- What A Divorcing Woman Needs To Know About Her Husband's Cash-Based Business
- Seven Key Points Divorcing Women Need To Know About Real Estate And Real Estate Appraisals
- Small World, Big Problem: Divorces Involving Dual Citizenship
- Five Best Financial Tips for Women Divorcing in 2013
- Financial Strategies for Divorcing A Narcissist
- Domestic Violence: The Awareness We Overlook
- Three Types of Financial Mistakes Divorcing Women Make (And How to Avoid Them)
- What Are the Consequences Of Hiding Assets During Divorce?
- Four Reasons Why A Woman Needs A Vocational Expert On Her Divorce Team
- Divorcing Women, Especially Those in Abusive Relationships, Benefit From Learning How to Secure Their Financial Futures
- How To Handle Difficult To Divide Assets
- Seven Must-Do Steps For Women Who Want Financial Stability Post-Divorce
- Can a Trust Protect My Assets in Divorce?
- Divorcing Women: Here's What You Need to Know About ATROs
- My Best Financial Advice for the Bride-to-Be
- What Would Monica Geller Say About Courteney Cox's Divorce Strategy?
- How Divorcing Women Should Handle Retirement Accounts and Pension Plans
- Three of the Most Frequently Asked Questions About Health Insurance, Life Insurance and Social Security After Divorce
- How Some Men Are Upending Domestic Violence Laws to Scam an Advantage in Divorce
- The Five Key Points Divorcing Women Need to Know About Financial Affidavits
- Divorce Is Final, No Do-Overs Allowed
- The Four Divorce Alternatives
- How "Conflicting Out" Top Divorce Attorneys Can Impact Your Divorce
- Why Women Who Are Organized Often Do Better in Divorce
- 21 Signs That Your Husband May Be Hiding Marital Assets During Your Divorce
- Divorcing Women: Here's Where Husbands Typically Hide Assets
- Tax Tips for Women Going Through Divorce
- Three Key Steps to Help a Woman Protect Her Finances When Leaving an Abusive Marriage
- Divorcing Women: Don't Make These Five Costly Mistakes
- Why a Lifestyle Analysis Is So Critically Important For Divorcing Women
- The Six Personal Traits That Help Women Successfully Survive Divorce
- Why Do Successful Women Fall Victim to the Oscar Love Curse?
- Who Pays for College Tuition? Top Factors for Divorcing Women to Consider
- Alimony Reforms Continue to Create More Uncertainty for Divorcing Women
- Legal Separation or Divorce: Which is Better Financially?
- How Can a Divorcing Woman Get the Child Support, Alimony She is Owed?
- End-of-the-Year Checklist for Divorcing Women
- Seven Key Things Women Need to Know About the Tax Implications of Alimony Payments
- Five Steps a Woman Can Take to Help Her Family-Run Business Survive Divorce
- What is an Alimony Trust and Why NBA Ex-Wives Might Wish They Had One
- Study Shows Divorced Women Have Less Economic Security Than Women Who Stay Married
- Five Financial Lessons Women Can Learn from the Demi and Ashton Break-up Rumors
- How the Valuation Dates of Different Assets Are Decided During Divorce
- Why Divorcing Women Need to Pay Careful Attention to the Date of Separation
- Divorce Advice For Physically And Financially Abused Women
- Warning: Don't Let Friends, Family or Non-Divorce Professionals Give You Divorce Advice
- What a Volatile Stock Market May Mean for a Woman’s Divorce Settlement Agreement
- Why Even Happily Married Women Should Meet with a Divorce Financial Advisor
- Divorcing Women Need to Answer These Key Questions Before Deciding to Keep The House
- Don’t Let Your Ex-Husband Inherit Your 401(k)
- Six Must-Do Financial Steps for Women Facing Divorce
- In Many States, Alimony Reform Has Gone Too Far
- Five Ways To Tell If Your Husband Is Hiding Assets
- Financial Tips for Women Facing Grey Divorce
- Can You Get a Divorce Do-over?
- June Brides, Are You Ready for Divorce?
- Upfront Lump Sum Payment or Alimony? Why Some NFL Ex-Wives Are Now Smiling
- Does Maria Shriver Have A Prenup? Why Did Arnold Put His Movie Career On Hold?
- The Secret to Surviving Divorce With Your Finances Intact
- Even Affluent Women May No Longer Be Eligible For Credit Cards
- The Big Thing Celebrities Fight Most About When They Divorce - And Why You Should, Too
- Should You Disinherit Your Husband?
- Divorce-Proof Your Business, Even If You’re Still Single Or Happily Married!
- Understanding How Assets Get Divided in Divorce
- Welcome to Divorce Dollars and Sense
- Do You Live in a Community Property State or an Equitable Distribution State? on
- The Difference Between Separate and Marital Property on
- How is Debt Divided in Divorce? on
- The Difference Between Separate and Marital Property on
- How to Find a Divorce Attorney, Divorce Financial Planner and Other Members of Your Divorce Team on
Protect Your Credit Score During Your Divorce
If you are going through a divorce, you should immediately begin taking steps to protect your credit score. Your financial future depends on a good credit rating. Here are some tips for handling your finances during and after your divorce so that your credit score is protected.
Handling Joint Credit Cards and Other Debts
You should immediately order your credit report and find out exactly what debts you have. In your credit report you will see all debts that belong to you and your spouse as well as the accounts that belong solely to you. You should closely monitor debts that your spouse has access to, such as credit cards, bank loans, mortgages and home equity lines of credit. If you are concerned that your soon-to-be ex-spouse might borrow money in your name, you might want to sign up for a credit monitoring service. These services will notify you anytime there is a change to your credit history.
It is important to note that even if your divorce settlement stipulates that your ex-husband is responsible for payment of certain debts, if he does not pay them or declares bankruptcy the creditors will come after you for payment! The creditors don’t know and don’t care what your divorce settlement says. Because this was a debt that you both entered into, you’ll need to pay it if he can’t. Therefore, you may want to include remedies in your divorce settlement to cover situations like this. One way might be to make sure that joint assets are used to pay off all joint debt or have the property that is going to your ex-husband be placed in escrow until all debts are paid.
Close Joint Accounts If Possible
If possible, close all joint accounts. Most likely, you will only be able to close accounts that have a zero balance. But, you should call all credit card companies, banks or other creditors to request that the account be closed. Make it clear that you will not be responsible for any charges. You should also follow up with a letter stating that you want the account closed. Keep a copy of the letter as well as detailed notes of your phone conversations. In both the phone conversation and the letter, ask that the lender report to the credit bureaus that the account was closed at your request.
Stay Current on All Joint Accounts
It is very important to make payments to all joint accounts on time even though you are going through a divorce. Unfortunately divorce negotiations can go on for a long time and not making payments or paying late can really hurt your credit score. Your credit rating will go down if a payment is late or missed entirely, even if your spouse is assuming the debt.
Freeze Accounts that Can’t Be Closed
If you find that you are not able to close an account due to an outstanding balance, request that a freeze be placed on your account. This will prevent any further charges. You will still be jointly responsible for the balance, but no further debt can be added to the account. Remember to document all details related to this call and write and mail a letter. (Talk to your divorce attorney if your husband is using joint credit cards or other marital assets to travel with and/or buy gifts for his mistress. There is something called dissipation of marital assets and if this is something that your husband is doing, your divorce attorney will need to make that part of any discussions/negotiations).
Close Joint Bank Accounts
Most couples have a joint checking and savings accounts. These need to be closed as soon as possible, however you should talk to your lawyer before withdrawing money or closing your account since each state has rules about this. You will want to open a new account for yourself as soon as possible.
All content on this site/blog is for informational purposes only, and does not constitute legal advice. If you require legal advice, retain a lawyer licensed in your jurisdiction. The opinions expressed are solely those of the author, who is not an attorney.