Watch today’s video on Divorce & Credit Tips Part 1
I wish I would have known these tips when I went through my divorce more than 10 years ago. For anyone contemplating a divorce, just starting divorce proceedings, or knows anyone going through a divorce, please use and share these tips.
1. Know your credit situation; order you & your credit reports from annualcreditreport.com. Make a list of all debts and determine who is responsible for each debt.
2. Have the plan added to your divorce decree and have a back up plan to be able to pay the debt in case your spouse doesn’t.
3. Open a checking and savings account in your name only. Make sure if you have direct deposit to update your direct deposit with your new checking and savings account.
4. Make sure you have a least 1 credit card in your name only and utility bill.
5. If you can, try to pay off all your debt before you debts before the divorce.
6. Close joint accounts. If the joint accounts can’t be reverted to individual accounts ask for them to be frozen & tell the creditor you will not be responsible for any more charges after that date.
7. Assess authorized users on your individual credit card accounts. Remove all authorized users including your spouse, and his or her family members. Authorized users are not obligated to pay for any charges they make.
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