Many couples amass assets and debts through the course of their marriage. Those are usually meant to fulfill their joint dreams, but they can become significant challenges if the couple decides to end their marriage.
If you’re facing a divorce, the assets and debts from the marriage have to be divided. You may not think too much about it, but the way this is handled can have an impact on your credit score and credit history.
Why would marital debts affect your credit?
Marital debts can affect your credit if you or your ex fails to pay for an account. The creditors aren’t a part of the divorce, so they don’t have to abide by the terms of the divorce settlement. This means that they can still hold you accountable for a debt that’s unpaid, even if your ex is the one who doesn’t pay it as ordered.
Is there a way to prevent marital debts from affecting your credit?
Getting the marital debts paid off is one way that you can stop them from affecting your credit. This removes the possibility of your ex failing to pay a bill and the creditor coming after you.
The property division process can be difficult to handle, especially if you have significant assets and debts. Working with someone who understands the process and can help you to learn about the options for each step may be beneficial. You have to take the steps necessary to protect yourself and your financial future, so be sure you make the decisions that are in your best interests.
