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Establishing a credit rating can ease transition to divorce

| Oct 3, 2018 | Divorce | 0 comments

As adults in New Jersey, people accumulate a myriad of important information that is stored in databases and is important for obtaining jobs, bank loans and any number of other aspects of life. Few pieces of information are as important as one’s credit rating. A married couple will frequently establish a solid credit rating through the establishment of credit via mortgages, credit cards or car loans. Many, if not all, of these may be held as joint accounts. If a couple decide to divorce, one partner may be left without a credit rating in his or her own name.

If a person is considering a divorce, there are steps that he or she can take to ease the transition in what can be a very difficult time. Establishing credit in one’s own name is a good start to establishing an independent credit rating. It can also provide a line of credit that may be needed to bridge a short-term cash need.

In addition to taking steps to establish credit, it’s also a good idea to be aware of assets and liabilities. Not all partners are familiar with all of the day-to-day expenses or the amounts held in checking, savings or investment accounts. Familiarity with this information can be helpful in divorce negotiations.

No one enters a marriage expecting to divorce, but sadly, a large number of marriages in New Jersey do end prematurely. Taking a few steps to prepare can ease the situation. A person facing the possibility of divorce may wish to consult with a family law attorney. A lawyer can review the person’s assets, liabilities and family situation and may be able to advise the client on a settlement that could be agreeable to those involved.