How to Manage Your Credit and Debit after a Divorce

It can be truly overwhelming to manage your debit and credit after a divorce, but it can also save you a lot of hassles as time goes by if you do so. Here are some very useful tips that Seattle, WA divorce lawyers know all about since they have been on the front lines of divorce and are on the front line of divorce every day. The objective is to maintain good credit, create your own private accounts, repay debts, and shield yourself from the danger of identity theft.

Open New Accounts

Although your marriage has come to an end; after signing the Marital Settlement Agreement and dividing all your debts as well as assets this ought to bring to an end to any liability you may have had with your credit companies. Northeast Washington State divorce lawyers recommend that you close all joint accounts you maintained together with your ex, such as credit card, savings and checking accounts, mortgages, and mutual funds, to name a few.

Once this is over, you need to open fresh credit and banking accounts in your name, and begin setting up your own line of credit. However, refrain from applying for too many charge accounts at the same time, because this can make lenders cautious. It can probably damage your credit as well. Inform your bank and other establishments that you deal with if you have changed your name legally.

Large loans such as mortgages can be hard to refinance, so you will have to work with your ex-partner on this in order to repay the joint account. You should handle these joint accounts with care since your ex-partner's financial actions might adversely affect your credit, and also vice versa. If you happen to be deep into debt, when this entire divorce process is over, inform your spouse of this fact so that your joint accounts don’t suffer. Though they may already know and probably do.

You must also plan a debt management program in order to create a budget as well as payment schedules. Most importantly, Seattle divorce attorneys proclaim that you must remain disciplined as well as organized when it comes to finances and taxes after the divorce is finalized.

Your marriage may be over with but your legal and financial standing must continue. You can find a divorce lawyer right here: http://divorce.usattorneys.com/washington/. Just because you are hiring a legal representative does not mean you are playing hardball with the other side it just means that you are covering your bases.

Obtain Your Credit Report

Secure a copy of your credit report in order to ensure that you are not listed with your ex-spouse in any other type of accounts. Since credit companies as well as other kinds of financial institutions aren’t a party to any of your divorce agreements, they are allowed to collect from you, and quite legally too and your Seattle, WA divorce lawyer will let you know about this as well. This holds true whether you happen to be listed in any account, irrespective of whether you remain responsible for the charges or you are aware of the presence of your name in the account.

Attention to detail is the name of the game here.

Don’t forget to look for any merged accounts that your ex maintained, prior to your marriage. You are free to inform the company of any activity that occurred in that account before your marriage, and that you cannot be held responsible for them. Once these steps are taken, if charges that you aren’t responsible for remain on your credit report, you can dispute those statements via a credit report challenge. During the divorce proceedings, make sure to include financial statements and credit reports when discussing the financial aspects of the divorce.

Identity Theft

Finally, Northeast Washington State divorce lawyers recommend that you shield yourself against probable identity theft, as your ex-spouse may still have access to crucial information such as your birth date, social security number, credit card number, and bank accounts, and can damage your credit via identity theft. Make sure to change all your passwords, and remain vigilant for any fresh accounts opened in your own name. You can approach the Identity Theft Legal Center for more information on this.

You may be upset that the Seahawks did not win a Super Bowl in 2015 but if you do not work with a divorce lawyer and completely cut ties with your ex-spouse you will be much more upset when you are billed for items that you do not actually buy.