Why Monitoring Your Credit Is Essential during a Divorce

The majority of couples that divorce do so because they do not get along, and the friction in their relationship often worsens during the divorce proceedings. As a result, one or both spouses may do things to hurt the other person, and one of these things involves racking up new debts. This is why you should take the time to monitor your credit report before, during, and after the divorce. Here are a few things to understand about this.

How debt is normally divided

One step in a divorce involves dividing debts between the spouses, and, normally, debt is divided equally. Assets are also divided equally in most divorces. The best time to divide debt in a divorce is at the start of the divorce. At this point, you should know exactly how much debt you have, and you will be responsible for half of it. If you wait to divide the debt, you may end up with debts you knew nothing about.

How getting a credit report can help

Getting a credit report before meeting with your divorce attorney is a great way to show exactly how much debt you have; however, you may have some debts that are not listed on the report. An example of this might be a medical bill that you currently owe. As long as it is not past-due, this bill is not likely to appear anywhere on your credit report. If you have debts that do not appear on your credit report, bring them to your appointment as well.

By doing this, you can have evidence that shows exactly how much debt the marriage had on the day you filed for divorce. You can then get a credit report during the divorce and even after it is through simply to verify that your spouse did not create new debts. If he or she did, you might not be responsible for them because the debts were created after the divorce proceedings had started.

What you can do if your spouse creates new debts

Monitoring your credit report is the best way to find out if your spouse is creating new debt. If you find out he or she is creating debts in your name, make sure you notify your divorce lawyer right away. If the debts were created after your divorce, you should be able to take your ex to court for this, and your lawyer will be able to help you know what you can do to put a stop to this.

If you have any questions about debts in a divorce, contact a divorce lawyer.