Heymann & Fletcher

Credit can be impacted by divorce

During the dissolution of a marriage, keeping a close eye on one's finances is paramount. This is especially true in a contentious divorce, but it is just as critical in a more amiable one. A couple of tips may be helpful for ensuring that one's financial status remains as intact as possible during and after a divorce proceeding in New Jersey.

First, closing all joint accounts as quickly as possible during a divorce can help with avoiding financial problems and disputes. If a joint account remains open, a spiteful future ex may decide to accrue thousands of dollars of debt as an act of retaliation. Unfortunately, such an act can have serious and long-term implications for one's credit.

Even if one closes joint accounts, it is still important to keep individual accounts open to protect one's credit. This may mean opening up one's own credit card or another reasonable line of credit. An additional option is to have a future ex sign off of one's existing account so that the account will remain only in one's name following the divorce.

The process of getting divorced can be stressful in New Jersey, but if two individuals who are going through the process can see eye to eye in areas such as asset division, they may be able to finalize their divorce relatively quickly. Divorce negotiation or mediation are alternatives to litigation that may lead to a mutually beneficial settlement. If the couple cannot solve their disputes, a judge will end up making essential decisions for them regarding these matters.

Source: ajc.com, "4 Ways to Protect Your Finances During a Divorce", Shawn Leamon, Jan. 24, 2017

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