Credit Score Requires Attention During Divorce Proceeding

Having to face major life changes is inevitable during the process of getting divorced. Naturally, those going through divorce in New York may feel that they do not have a say in the outcome of the process. However, they can take specific steps to put themselves in the best position to succeed financially, including being proactive about their credit.

First, after people decide to divorce, it is wise for them access their credit reports as quickly as possible. It is critical that they pull credit reports with complete lists of trade lines, rather than reports that only give them their credit scores. Credit reports can be purchased from TransUnion, Experian or Equifax — the three chief credit bureaus.

Pulling a credit report during the divorce process is critical because these reports can tell a divorcing individual what his or her obligations are. These obligations may range from credit cards to home loans, auto loans or even secured lines of credit. Then, the individual can determine with his or her future ex-spouse who will pay off any outstanding debt as part of the property and debt division process.

Dealing with the financial aspect of divorce in New York can no doubt be overwhelming, no matter what an individual’s net worth may be. However, an attorney can help a divorcing spouse to assess his or her options and pursue the most personally favorable outcome possible. The attorney’s goal is to make sure that the client’s best interests are upheld during this type of family law proceeding.