Many people in Texas can testify that keeping your credit in good shape while getting a divorce can be challenging. Even if you and your ex-spouse agree to split debts evenly or the judge does it for you, there is nothing to stop creditors from trying to collect money from you if your ex-spouse decides not to pay. Being proactive from the start can help.
Divide debts evenly
Debts you or your soon-to-be ex-spouse brought into the marriage will belong to the one who entered the marriage with them. Those acquired during the marriage will be split evenly. It is usually better to divide things up for yourselves rather than ask a divorce judge to do it for you.
Withdraw funds from joint accounts
If you have money in joint banking accounts, talk to your soon-to-be ex-spouse about withdrawing that money and closing those accounts. It is tough to close an account yourself, so try to get them to cooperate.
Make minimum payments at least
It can be challenging to work two or three jobs to keep up with all your payments if your spouse refuses to help, but your credit will take less of a hit if you make at least minimum payments on each of them. If your spouse agrees, pay off and close joint credit card accounts so that neither of you can run up the bill.
Monitor your credit
The fact that you are getting divorced does not show up on your credit report. Therefore, your credit score should be fine if you can keep all payments timely. At the same time, you should carefully monitor your credit reports to ensure there are no unexpected items.
Maintaining good credit during a divorce can be challenging, but it can be done. Pay close attention to your credit reports and accounts to make sure that obligations are paid.
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