Divorce and Your Credit Report

If you are considering divorce, you should know the court divides assets and debts of a married couple equitably, not equally.  In other words, the court considers what is fair, not what is equal.  However, in order to begin to determine how to divide assets and debts, the court must have a complete understanding of the assets and debts of a married couple.  A credit report can be a good starting point for finding this information.

Understanding What is On a Credit Report

Your credit report contains a variety of important pieces of information.   It lists your debts and liabilities.  It will also include credit accounts where you are an authorized signer to the account.  If your spouse has credit in their name only, and you are not an authorized signer, you will not be provided that information.

It may be tempting to use your spouse’s social security number to access their credit report.  DO NOT DO THIS!!  Just because you may have access to your spouse’s social security number does not mean you are authorized to use it.  It is against the law to represent yourself as someone else when obtaining credit information.

Your credit report contains most, but possibly not all your debts.  It provides a snapshot of your financial situation.  However, because the court distributes debt equitably, not equally, it is possible you will be ordered to pay some of the debts in your spouses’ name, or your spouse may be ordered to pay some of the debts in your name.

Protect Your Credit Score

Now is a good time to review the information on your credit report.  Sometimes, there are errors or omissions on a credit report, which could impact your credit score.   It is a good idea to take the time to attempt to clear up any discrepancies on your credit report as soon as possible.  You can correct errors on your credit report online by contacting the relevant credit bureau.

Planning a Divorce?

If you are planning on divorcing or separating in the near future, your credit report can provide a good starting point for identifying assets and debts.  However, filing for divorce can be complicated by any number of factors.   Having a qualified divorce attorney on your side makes things easier. Contact marital and family law attorney, Eric C. Cheshire, P.A.  With over 25 years of legal experience, Eric Cheshire not only understands the overwhelming feeling that comes from starting the divorce process but also knows how to navigate the system from start to finish.  He will work with you to identify what you need and what you want in your divorce.  Together, we can map out an approach that best fits the needs of you and your family.

Related Posts
  • Is a Divorce in Your Future? Steps to Take to Plan Ahead Read More
  • Ground Rules for Living Together While Separated or Divorcing Read More
  • The Different Types of Divorce in Florida Read More