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Remember to run your credit report during divorce

Most couples are worried about the financial impact a divorce may have on them. In fact, even though money is a major arguing point during a marriage, it can be an even greater subject of contention during a divorce. Unfortunately, if you did not have a watertight prenuptial agreement, losing out financially may simply be a part of your divorce. Not only are you losing a spouse, but depending on how you handle your financial disclosure, you may lose out on a whole lot more.

As most people know, property and asset division plays a huge role in divorce. Although having a clear picture of your assets is beneficial, it only paints half of your financial picture. The other half of the picture comes with having a comprehensive understanding of your debts.

During the divorce process, couples are asked to fill out a financial disclosure form. To accurately complete this form, it may be in your best interests to run a credit report. After a lifetime together, chances are you won't be able to accurately remember some of the accounts you have linked with your soon-to-be ex.

With a credit report in hand, you and your divorce attorney can make sure to properly address any joint accounts. Generally speaking, credit card companies do not care what you and your soon-to-be ex agree upon. Joint accounts remain joint accounts long after the marriage is over, and handling them properly may make all the difference in being on the hook for unnecessary debt after divorce.

You and your attorney can address these issues with the comprehensive information provided to you on your credit report. Although it may be a tedious process, understanding how divorce will affect both your assets and debts may only help you in the long run.

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Goddard & Malmquist

Goddard & Malmquist
1250 South Grove Avenue
Suite 101
Barrington, IL 60010

Phone: 847-382-3995
Fax: 847-382-4038
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