π Divorce can be challenging, and amidst discussions about asset separation, managing personal credit often gets overlooked. If you're going through or preparing for a divorce, here are some considerations to help you maintain your credit and finances during this difficult time:
Manage Your Joint Debt: Remember that joint debt makes both parties 100% responsible. If your ex-spouse is legally responsible for a debt, but it's in both your names, you can still be held responsible if it goes into arrears. Try to eliminate all joint debts if possible.
Manage Your Bank Accounts: Separate your joint credit accounts, and open a checking account in your name. Start making all deposits there as soon as possible to gain financial independence.
Set Up New Credit in Your Name: If you've never had credit in your name alone or were a secondary signer on your ex-spouse's credit card, consider getting a small credit card in your name to establish credit history.
Maintaining your credit through a divorce is crucial to avoid significant setbacks as you work to rebuild your life. If you have any questions about managing your credit during a divorce, please don't hesitate to connect with me anytime. ππΌπ³
https://www.dianebuchanan.ca/
