Divorce does Not Have to Destroy Your Credit
A marital breakdown will take a financial toll on your life, however with the right credit management program you can make it through the overwhelming impact of a divorce with your financial goals intact.
The first thing a lawyer may advice people who are seeking divorce, once property is involved, is to stop paying the mortgage on the matrimonial home. As well as advise clients to stop making payments to credit cards which most people do on their own becasue of the overwhelming emotions envolved in the breakdown of a marriage or long term relationship. Unfortunately when credit card payments are missed and mortgage payments go into arrears the negative impact on the credit report leaves the consumer with a financial burden.
Taking the steps to ensure that you repair and build credit throughout the processes of a divorce will position the consumer to come out of a divorce financially stable.