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Credit records can be a consideration during divorce

For people in Texas considering divorce, it is important to keep an eye on debts both in asset division and following the end of the marriage. During a marriage, many couples take out joint debt, including mortgages, loans and credit card accounts. Dividing debt and assets from the marriage is part of the divorce process, but it can be easy for bills to fall by the wayside.

While the divorce is going on, joint debt must be negotiated and paid. A spouse's credit score could be negatively impacted by late or unmade payments on joint debt.

One way to protect oneself after a divorce is to quickly close shared accounts. Joint credit accounts continue to retain a financial link between the parties, and closing them cuts off the possibility of a former spouse's financial behavior to impact an individual credit report. For an individually held credit card, it is essential to remove a former spouse as an authorized user, especially as that person will not necessarily bear equal responsibility for the debt.

Prior to a final divorce settlement that will include the division of the debts, it is important to make regular payments to prevent default or a damaged credit report. However, final payoff of debts can be divided up in the divorce settlement for a fair determination.

A divorce lawyer may be able to advise a person seeking divorce on financial matters, including asset division, divorce settlements and ongoing support payments. Family law attorneys may provide representation to ensure that a spouse is fairly treated in the division of assets as well as debts.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Turner, Bruce E.
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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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