How to Prevent Your Ex from Ruining Your Credit in a Tennessee Divorce
Divorce can bring out the worst in people. That partner that you pledged undying love to, has suddenly turned into your worst enemy. You begin to see a side of people that you never knew existed, and the person you once trusted with your entire life is now someone you are working to get out of your life. And now that person is attached to your bills, your credit cards and your loans – and vice versa. When you are married, your credit is in both of your names. Just because you have both signed the divorce decree does not absolve either of you of the responsibility for marital debt. There are, however, steps that you can take right now to protect your credit and your good name from a vengeful spouse during divorce.
- Pull a copy of your credit report. Take a look at all of the accounts listed in your name, and at the joint accounts. Make sure you recognize anything your name is attached to.
- Close all joint accounts once your divorce is final. You may be unable to just remove your name from them, and while the court can assign each of you to resolve a share of the shared debt, they cannot release you from the responsibility for any debt in your name. So, if the court assigns your ex to repay a $5000 credit card balance, yet a year later they have not paid it off, that delinquency is dinging your credit score.
- Put a fraud shield on your social security number. You can use an identity fraud protection service, or contact each of the three major credit reporting agencies to notify you by mail and or phone if anyone attempts to open a credit account in your name.
- Sell your home. Your mortgage is likely a joint account. In order to remove yourself from the joint mortgage you must either sell the home, or your former spouse can refinance it in their name only if they are keeping it after the divorce.
Do you think you’re in the clear because you and your former spouse have split amicably? You still need to take steps to protect yourself. Even if they are not plotting to intentionally sabotage your credit, if they are irresponsible they start falling behind on payments for any reason, this can have a negative impact on you as long as your credit records remain connected with theirs.
Follow these tips, and come talk to a Nashville divorce attorney at the law firm of Miller Upshaw Family Law, PLLC to make sure that you make a clean financial break when you divorce. This will allow you to embark on your new life unencumbered by your ex’s negative credit history. We can help you organize your information, find a realtor or broker, and assist you in the process of dividing your monetary life from that of your spouse.
When you realize that your marriage is over and you think it is time to start planning for divorce, you will need a skilled Nashville divorce attorney who will protect your right to a fair settlement. Please contact the knowledgeable legal team at Miller Upshaw Family Law, PLLC to reserve an in-person or video consultation time.
Karla C. Miller has devoted her entire career to the practice of family law in Tennessee. She attended Auburn University and Nashville School of Law, and upon graduation in 1996, she opened her own law firm and has been assisting families throughout Tennessee since then. Learn more about Karla C. Miller here.