How to Protect Your Credit Rating During A Fort Lauderdale Divorce

When dealing with the emotional fallout of a Fort Lauderdale divorce, you may find yourself facing financial problems as well. You may not have the means to pay credit card bills, joint mortgages, or personal loans, or your spouse may have fallen behind on their share. Unfortunately, this can ruin your credit rating.

During a marital separation or divorce proceedings, protecting your credit helps safeguard your future and should be a top priority. Even a single missed payment can make rebuilding your life significantly harder. Our experienced Fort Lauderdale divorce lawyer explains what to watch out for and how to protect your credit rating throughout the divorce process.

Common Credit Risks in Fort Lauderdale Divorce

When a marriage falls apart, people often focus on the emotional aspects. While protecting your peace of mind is vitally important to your well-being, so is protecting your credit rating.

Amid the conflict surrounding a marital separation and Fort Lauderdale divorce proceedings, it is easy to overlook financial responsibilities. Some of the most common issues include:

• Joint credit cards or loans: You’re both responsible for the balance until the account is closed or refinanced.
• Mortgage payments: If your name is still on the loan, missed payments can hurt your score even if you moved out.
• New debt by your spouse: Florida’s equitable-distribution laws may still make you liable for debts incurred before the divorce is final.
• Failure to update accounts: Outdated information can keep your ex linked to your credit profile.

Under Section 61 of the Florida Statutes, the court divides marital debts fairly in divorce. However, that doesn’t protect your credit report while waiting for a final order.

Steps to Protect Your Credit During Divorce

You can’t control your ex’s spending habits, but you can take control of your own financial future. Whether you are going through a separation or have filed a divorce petition with the Broward County Family Court, take these steps to protect yourself and your credit score:

• Get a full credit report from all three bureaus to identify every shared account.
• Freeze or close joint accounts where possible to prevent new charges.
• Set up automatic payments for any bills you’re responsible for.
• Refinance or transfer loans into one person’s name as part of your divorce settlement.
• Keep written records of payments and agreements for court documentation.

Our experienced Fort Lauderdale divorce lawyer can help negotiate a settlement that protects your credit while ensuring debts are divided fairly.

For Help Making A Fresh Start, Schedule a Consultation With Our Experienced Fort Lauderdale Divorce Lawyer

Don’t let unpaid debts or forgotten accounts drag down your credit score. To protect your financial stability in a Fort Lauderdale divorce, contact Vanessa L. Prieto Law Offices.

Our experienced Fort Lauderdale divorce lawyer provides personalized support and the professional legal representation you need to make a fresh start. To prevent problems that could negatively impact your finances in the future, reach out and request a confidential consultation today.

Sources:

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html

browardclerk.org/Divisions/Family