Divorce and Credit

Whenever Divorce rears it’s ugly head, our minds usually begin to wonder and try to decipher the emotional impact. The pragmatic side of the debate goes out the window and we are left stuck with questions like: Why did this happen? What are we going to tell the kids? or How am I going to cope? Sometimes insufficient answers to these questions can be devastating but what about the more practical problems.

A little known fact about divorce is that credit can actually have a much worse impact on a person’s post-divorce life than any perceived emotional issue.

About.com recently spoke about this:

“Creditors aren’t interested in how property and bills are divided during divorce. If you have debt in joint accounts with your spouse, you are both responsible for paying it back.

Creditors are not legally bound to abide by your final decree of divorce. A judge’s order does not override what you owe your creditors and most attorneys don’t alert their clients to the potential for problems if one spouse does not follow the court order.”

Here are some of the best tips: About.com