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Keeping track of credit essential during divorce

On Behalf of | Jul 22, 2019 | Divorce

The divorce process brings about many life changes, especially financial ones. Unfortunately, these sudden changes can quickly make divorcing individuals in New Jersey feel as though their lives are spinning out of control. However, it is possible to regain control of one’s financial situation during divorce by staying on top of one’s credit.

For starters, it is a good idea for individuals to review their personal credit reports right away. This type of report can show them their current financial obligations — for instance, their auto loans, credit lines or home loans. This information can come in handy during the divorce proceeding, as the two divorcing spouses will have to decide how to divide their debts along with their assets before finalizing the divorce.

When pulling credit reports, it is important to make sure that the reports feature trade lines, also known as credit accounts. Some reports provide nothing more than the credit scores themselves, which is not enough information to work with during a divorce proceeding. An up-to-date credit report can be obtained via any one of the three key credit bureaus: TransUnion, Equifax or Experian.

When it comes to tackling financial matters during divorce, the best scenario is for the two parties who are getting divorced to find common ground regarding how to split their debts and assets. If this is not possible, a judge will make these decisions for them. Unfortunately, the outcome in this situation may not necessarily be what one or both parties would have wanted. Still, an attorney in New Jersey will push for the best outcome for the client, either outside of court or at trial, given the circumstances of the marital breakup.