As any divorce attorney NYC has on its roster will tell you, an often overlooked topic divorcing couples miss is rebuilding and protecting their individual credit scores. You may have been establishing credit together for the life of your marriage and now that you are amidst a divorce you need to make a plan regarding your finances.
Without one, your credit score can plummet and you will be unable to buy a car, property, or even get a credit card for emergencies. A New York divorce attorney can help you throughout the divorce process but you will also need to do your part. Our New York divorce attorney has compiled six tips to help you rebuild your credit.
Check Your Credit Report
A divorce attorney NYC has on its roster advises that you need to check your credit report. You need to know where you stand in order to establish a plan and build up your score. Find out what your current score is and your outstanding debts. You will also need to establish any joint accounts as these will need to be split with the help of a divorce attorney NYC has to offer. You should get your credit report from all three reporting agencies: Equifax, Transunion, and Experian.
Cut the Financial Cord
According to our New York divorce attorney, cutting the financial cord with an ex is a major cause of contention. This is especially exasperated when it comes to joint accounts or accounts that were taken out without the knowledge of the other spouse.
Although finances are split during the divorce process your credit report may be slow to reflect this change. For joint accounts, our New York divorce attorney suggests contacting creditors in writing to ask for an account closure or to remove a name from the account. You will need to provide proof of the separation to the creditors.
Develop a Plan
So you have cut the financial cord and know where your score stands. What’s next? Well the next step according to a divorce attorney NYC has to offer is to create a plan. Establish a timeline and a goal. Create a written plan with notes and links. Check back regularly as you make progress on these goals.
Open Your Own Accounts
Once your divorce is finalized you will want to open your own accounts. There is a caveat to keep in mind, however. Change your name.
You may have changed your last name upon marrying your spouse and now you will need to change it back after a divorce. Opening accounts with the correct information is pertinent to building your credit score.
Pay Bills on Time
This is an obvious one for most people. Once you begin to establish new credit you will need to focus on paying your bills on time.
Create a Budget
Another key tip is to budget, you no longer have two incomes or the help of another party. You are on your own and need to establish a reasonable budget and credit repair plan.
Call an Experienced Divorce Attorney Today
We have helped countless patrons in the NYC region and through our professional services, you can trust that you will be in good hands.