A divorce can be tough to deal with not just emotionally, but financially as well. It may not be any person’s top priority while going through a divorce, but the future of your credit score is an important factor to think about.
If you and your partner opened joint accounts together on credit cards or took out home or auto loans, your financial obligation does not end just because the divorce was filed, according to the Boston Globe. It is likely that who is responsible for the payments on these items will be something addressed during the divorce proceedings. However, you will still be held responsible for the payments. If your spouse is told to make the payments by the court and they do not come through on that promise, your credit score will suffer.
It goes without saying that it’s a good idea to try to pay off these debts as quickly as possible. Nobody likes their credit score taking a hit, but it’s especially difficult if the reason is through no fault of your own.
Finally, the news source recommends that recent divorcees look to establish credit on their own. Your joint credit history with your former partner may not carry over. It’s worth it to consider getting a new credit card or a car loan and working to build up that score over time.