Can a divorce affect my credit in New York? | What to know

Can a divorce affect my credit in New York? | What to know

If you are going through a divorce, you may have concerns about protecting your credit. Read on and reach out to our skilled Long Island divorce attorney today to discuss your options.

Will a divorce lower my credit score in New York?

Recognize that your credit report does not indicate whether you are married, single, or divorced, which is why altering your marital status has no influence on your credit. However, recognize that how you handle any joint accounts with your former spouse can have an effect on both your credit report and your former partner’s.

Accounts are reported for each person affiliated with it, which suggests that if you are listed as a joint owner, cosigner, or authorized user, you must negotiate with that account before the divorce. That suggests closing the account entirely or otherwise ensuring your name or your former partner’s is fully withdrawn from the account. This is because as long as the account remains with both of your names on it, you are both legally responsible for it, no matter what other agreements state.

How can I protect my credit during my divorce?

If you are going through a divorce, it is important that you have a strong credit history.  Below are some of the best ways to help ensure your credit is protected during the divorce process:

  • If you can, it is vital to maintain a civil relationship during the divorce process to avoid a bad divorce. Working together to pay off and close existing joint accounts is the best possible method to protect your credit.
  • If paying off and completing an account is not feasible, attempt to correct the account to an individual account. Reach out to each creditor and research the options available with that lender.
  • If you believe an account is in your name only, double-check with the lender to make sure that your spouse is not registered as an authorized user. If they are, make sure to have their name removed.
  • Recognize that one of the most crucial things is to make sure that payments are made on time for any joint account as long as your name is on it. Doing so will help guarantee you make a clean split without financial burdens that could haunt you even after the divorce is concluded. Give our firm a call today to learn more about how you can best protect your credit after a divorce.

Contact our experienced Nassau County firm

The Pollack Law Firm, P.C., rated Nassau County’s “BEST” divorce lawyers and proudly serving clients in Nassau and Suffolk County for more than 25 years, is always available to assist and represent parties in divorce, separation, and all other matrimonial and family law matters. Contact us online or call today to schedule your complimentary case analysis: (516) 938-3330.

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