Will Divorce Impact My Credit Score?
Well, yes and no. A divorce is expensive. A divorce is costly. A divorce can take a while to complete. The reality of it is, in many instances you’re taking two incomes in one household, and you’re taking that same gross income and dividing it between two households. What couples really struggle with is, there’s not enough money to go around, so maybe you had a combined household income of $100,000 when you two were together and just one house to support that. Now you’re separated, you’re trying to get an apartment or make the mortgage payment and, yes it can affect your credit score in terms of your income to debt ratio.
Maybe you’re having to max out your credit cards to pay for two households, to pay for attorney’s fees. In that aspect, it can affect your credit score. Another issue is if payments aren’t made in a timely matter. Maybe you and your spouse have a dispute regarding who’s going to pay the mortgage, who’s going to make the car payment, how are things gonna happen, and payments get paid late. Yes, that’s gonna affect your credit score. Again, it’s important to get some sound legal advice as you’re going through this process. I’d be happy to talk to you about that. Please give me a call at (303) 329-3802.