To some extent, finances and credit ratings sustain some sort of damage when an Illinois marriage ends. It is nearly impossible for either party to come out of the divorce process unscathed. However, it may be possible to reduce the potential damage as much as possible in order to allow for a more secure financial future.
When one party ends up with more debt than the other does, it could increase the chances of diminishing that person’s credit score. The same could be said when one person fails to pay the debts he or she was ordered to pay or agreed to pay. It may be advantageous to make sure that the party not responsible for a particular debt removes his or her liability for it, if possible. This also protects the paying party by keeping the other person from having access to the accounts. Of course, identifying all of the marital debts is essential in order to avoid any surprises after the proceedings are complete.
Achieving these goals may require the parties to be able to work together to at least some degree. Even if they are not able to work together to come to an agreement and rely on the court’s decisions, each party may want to comply with the final agreement. This increases the likelihood that the other party will do the same. Admittedly, this requires a certain amount of trust that may not necessarily come easy.
There may be no way to avoid all of the impact a divorce exerts on each individual’s credit rating, but taking certain steps may minimize it. It may prove invaluable to understand what other steps can be taken to facilitate this goal. Working with an experienced Illinois divorce attorney could provide the advice and guidance needed.
Source: marketwatch.com, “What a divorce can do to your credit“, Josh Smith, Dec. 28, 2017