How Getting a Divorce Affects Your Credit Score

Your credit score is easily one of the most important numbers in your life. With this in mind, most people do everything that they can to try and protect it. One time that you may not be able to completely shield it is in the face of a divorce. Divorce is a touchy subject for many people and no one wants to ever think that it could happen to them. However, in today's world, you are just as likely to get a divorce as you are to stay in your marriage forever. Therefore, it is something that many people have to deal with against their will. When this happens, it can wreak havoc on your credit score in a variety of different ways. Here are a few things to consider about your credit score when you are getting a divorce. 

House Issues

The biggest thing that usually affects your credit score after the divorce is the house that both of you owned. Most of the time, couples buy a house together. This means that they both have their names on the deed and they both have shared responsibility of the mortgage. Many people, when they get a divorce, just decide to walk out and leave the house to the other spouse. While this might seem like a noble thing to do at the time, it usually ends up causing the financial ruin of that person.

When you get a house with someone else, there is a good chance that you were approved for the loan because of both incomes. Both parties probably contributed to making the mortgage payment and keeping the house. When one person decides to leave, the mortgage payment is no longer so manageable. The spouse that had the house left to them gives up and goes through a foreclosure. The spouse that left may not realize it, but they are still affected by the foreclosure. Leaving does not relieve them from the obligation that came with the mortgage. Therefore, it ruins their credit even if they no longer live in the house. 

Joint Accounts

Another common strain on credit scores after a divorce is in the area of joint accounts. Many people never stop to think about just how many accounts they have. When you are married almost all of these accounts are in both party's names. This can lead to a lot of trouble when a divorce is looming. Let's say that you had a credit card with a large balance on it in both spouses names. When the divorce is processing, one person decides that they are no longer going to pay their part of the bill. This can strain the other spouse severely and end up hurting both spouses credit scores. 

Another common problem is when one spouse accumulated some debt that the other spouse did not know about. When the divorce goes through, the debt will be split evenly. This can hurt the credit score of the one that did not even know about the debt. As a result of these problems, it is very difficult to make it out of a divorce with a clean credit history. 


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