When people decide that it’s time to pursue a California divorce, there are many things on their minds as they get started with this difficult process. There is an estate to divide and perhaps child custody and support arrangements to be agreed upon and solidified. Perhaps the last thing that spouses involved in a California divorce will think about is their credit ratings. Unfortunately, those who are not careful can suffer serious harm to their credit scores. If you are contemplating a divorce, seek the immediate help of experienced San Diego divorce lawyers. Below is an overview of this troubling issue.
How Credit Ratings Can Be Harmed in a California Divorce
Generally, people who are married will merge their lives in terms of their finances. That means that they will open joint bank accounts and take on debt from creditors together. These debts can include mortgages, automobile loans and credit card accounts. When someone is involved in a California divorce, a critical step to be taken is to close any joint accounts that are open.
This can be difficult if one spouse does not know about all of the joint credit accounts that could be open, and both spouses will remain responsible for debts even if only one spouse adds to it and does not pay it in a timely fashion. Therefore, you owe it to yourself to make sure that all accounts that are open with your name attached in any way are closed and either paid off or settled.
How to Deal with Joint Debt Accounts
If joint debts cannot be paid off completely, then the divorce decree will likely dictate which party owes which debts. However, this order from the court will not remove one person’s responsibility from payment in the eyes of the creditor. Therefore, spouses in a divorce need to reach out to the creditors to have the joint debts assigned to one party or the other in accordance with the court’s order. Otherwise, a spouse who does not believe that he is responsible for a debt could wind up with a lower credit rating if the other spouse does not keep that account current.
How San Diego Divorce Lawyers Can Help
If you are facing the prospect of a California divorce, you have much to handle. In order to make sure that your credit rating is protected, you need to seek the help of San Diego divorce lawyers who have helped many husbands and fathers make a clean break from their marriages and move on in life. Contact the Men’s Legal Center today to schedule an initial consultation.