When a couple is going through a divorce in Florida, it is inevitable that there will be periods where they are so distracted by the drastic changes to their familial relationships that they risk missing important details. Because divorce is such a complicated process, it is imperative that couples stay vigilant throughout their separation to prevent prolonging the process or compromising their financial future.
One of the most essential details that divorcing couples should pay attention to is their credit score. This seemingly unimportant aspect can quickly cause detrimental problems if one or both parties have failed to continue paying certain bills. The resulting outcome could mean that one or both spouses credit scores are marred which can ultimately affect their ability to get financial assistance should they need it in the future.
The spouse who has not been primarily responsible for paying for mortgage payments and other necessary expenses should take immediate action to begin building his or her credit score to achieve a favorable position in preparation for future needs.
Professionals also warn couples that even after a divorce is finalized, if one person’s name remains on the mortgage that was initially shared, but the other person is living in the property and making the payments, any delinquent payments will reflect on the credit of the person whose name is on the documents even if he or she is not occupying the property.
If people are wanting to get a divorce, they may benefit from seeking the help of an attorney. Working with a professional may help them to more easily maintain all of the aspects of their divorce to be better prepared for a more prosperous future.
Source: The National Law Review, “The Importance of a Credit Score in a Divorce Case,” Nov. 19, 2018