Going through a divorce may at times seem overwhelming. You are making decisions impacting you and your family for the rest of your life. Unfortunately, the divorce process often takes a significant amount of time to resolve. Things may occur during the process that you had not anticipated, including incapacitation, arrests, bankruptcy, other financial issues, child support, and parental responsibility issues, to name a few. Remember, during the divorce process, you are still legally married to your soon to be ex-spouse.
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 about 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.