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Ending a marriage may result in poor credit

The credit consequences for getting a divorce can vary for Texas residents and others. When a person only has his or her sole income as opposed to a combined marital income, it may result in reduced credit limits. This may result in higher credit card utilization ratios as well as less access to credit that may make it easier to pay for daily or other expenses.

In some cases, one person is responsible for paying a larger share of the marital debt than the other partner. This may make it harder to keep up with their own bills, which may result in late or missed payments. Those who are required to pay joint debts after a divorce are urged to create a budget as quickly as possible. Furthermore, it may be a good idea to close joint accounts after a divorce so that neither party can accrue new debt.

If a divorce is not a particularly amicable one, it could result in one person taking action against the other that may cause financial damage. For instance, an individual may fail to pay his or her share of a joint debt, which may result in the other person's credit score going down. Refinancing a home may also create issues for a person's credit score in the short-term.

Those who are ending their marriage may have many question about financial and other divorce matters. It may be worthwhile to speak with a legal professional who may be able to talk more about the divorce process and answer any questions a person may have. Doing so may make it easier to obtain a favorable settlement as it relates to property division or alimony. Legal counsel may help parents retain their rights after a marriage comes to an end.

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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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