The Law Firm of Yolanda V. Torres, APLC

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How divorce can impact your credit

Many people do not realize how significantly their credit can be damaged by a divorce. They are often surprised by the how much their financial situation changes after ending their marriage. They have to make extreme adjustments to their standard of living in order to continue to make ends meet.

If you are struggling financially, over time, this can have a negative effect upon your credit. This can make it very difficult for you to be able to start over once the divorce is officially final. Thankfully, there are things that you can do to ensure that your credit will not be adversely impact by a divorce.

First, if you have joint or shared accounts, you need to restrict access to these accounts before you initiate divorce proceedings. Should you fail to do so, it is possible that your spouse could drain these accounts or run up excessive credit card bills while the divorce is pending.

Next, you need to take steps to control your spending. While this is a difficult time for you emotionally, you should not try to live beyond your means. If you are spending large amounts of money, you could find yourself buried under bills as your divorce moves forward. This could force you into a bad decision and lead to a very strained financial future.

Before you make your thoughts known to your spouse, you should consult an experienced family law attorney about your case. This is necessary, no matter what your situation might be. If you and your spouse have significant assets or own a business together, your attorney is the only one who is going to look out for you.

Your attorney will be able to help you develop a property division settlement that allows you to retain your share of the marital assets. Without consulting someone experienced in this area of the law, you are taking a major chance with your future.

If you do experience financial problems, you need to be sure to put a plan in place immediately to address these issues. This will help you prevent the problems from leading to financial ruin, or possibly even requiring you to file for bankruptcy.

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The Law Firm of Yolanda V. Torres, APLC
601 N. Parkcenter Drive
Santa Ana, CA 92705
Phone: (657) 210-0691 
Fax: (714) 242-7416
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The Law Firm of Yolanda V. Torres, APLC
7755 Center Avenue
Suite 1100
Huntington Beach, CA 92647
Phone: (657) 210-0691 
Fax: (714) 242-7416
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