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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
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A divorce can have serious side effects on credit

Like married couples elsewhere, those in New Jersey often combine finances to make paying bills more convenient. If one spouse sacrifices his or her account and allows everything financial to be handled by the other, it could spell disaster later down the road. Being aware of your finances is a major step that could save a person's credit if divorce ever comes around.

Let's say a spouse that was left in charge of the bills failed to pay them on time. If any of those bills were in the name of the other spouse, his or her credit history may be severely affected. Placing this much trust in someone may be admirable when it comes to marriage but it can be considered naïve from a financial perspective.

When divorce leaves a person wondering what his or her finances look like, it may be time to examine the several free credit reports which can be found online and can be obtained annually. These will give an indicator towards what the spouse's credit looks like but will not give a credit score.

If late payments appear at all, the effects can be detrimental. If they occur often enough, it could restrict any credit that an individual could have access to in the future. After a marriage ends, this could continue happening if a former spouse is in charge of certain bills. Though a divorce agreement may require the payments be made, the legal responsibility still falls on the person whose name is on the delinquent bills.

To further establish credit and securing its stability, be sure to separate any joint credit cards or loans that were held during the marriage. By eliminating these, there is no longer the risk of late payments affecting one or both of the spouses' credit histories.

Source: Fox Business, "Square One: How to Build Credit After Divorce," Lynnette Khalfani-Cox, Jan. 25, 2012

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