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Financial Relief with Debt Negotiation |
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| Questions? Call (888) 889-1375 |
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Divorce can adversely affect your credit if your former spouse fails to pay their share of the debt assigned to them in the divorce decree. Laws affecting marriage, divorce and credit vary by state and in some states, particularly those with strong community property laws - even though one partner has their own credit account… their non-performance can tarnish the credit of the other marriage partner. When considering this issue, there are two kinds of credit accounts - Individual and Joint. An Individual account is tied to a single social security number and credit performance is tied to only that individual - unless state law says otherwise. Joint accounts are based upon the combined credit score of both partners and, by the same token - can aversely affect one partner after a divorce… even though that partner is not responsible for the credit account per the divorce decree. When engaging in any kind of credit repair or debt negotiation, it pays to consider each type of account you have when discussing your renegotiation plan with your credit counselor. |
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