Skip to content

Not only can the aftermath of divorce create worries about starting over, but it can create financial stress. Filing for divorce is an expensive process. On top of this, your credit score can be indirectly hurt through the inevitable splitting up of joint bank accounts. And if you are already in debt, lenders will not be sympathetic to your situation. This is why it is essential that you retain the services of a talented Bergen County divorce attorney at McNerney & McAuliffe who will understand your situation and build you the best financial plan possible.

How do I avoid hurting my credit with my divorce?

If possible, it is best to maintain a civil relationship with your former spouse during the divorce process to avoid any pitfalls with your finances. For instance, being amicable will allow you to work together to pay off and close existing joint accounts in the best approach possible. You will also be able to document any and all financial obligations incurred during the marriage, such as mortgages, credit card accounts, medical bills, and student loans, and outline what you owe for each account, whose name is on the account, and whether any of them are past due. If paying off these joint accounts is not possible, it is best to convert them to individual accounts and designate them accordingly. So long as your name is on an account, it is important that you make sure that payments are made on time. Aside from this, another great tip for protecting your credit is to monitor your credit reports frequently.

Also, during the financial distress of your divorce, it may be in your best interest to negotiate with lenders for a modified payment plan until you get back on track. An important note is that your divorce decree has limited power when it comes to your agreements with lenders and creditors. A divorce decree may specify who is responsible for accounts opened during the marriage, but it does not break contracts with lenders. If your spouse is unable or unwilling to pay what they are responsible for and the contract has not been changed by the lender, the late payments will still appear on both credit reports and will have a negative impact on the credit score of both you and your spouse.

If you require further advice, contact a proficient Bergen County family law attorney today.


Here at McNerney & McAuliffe, we understand how confusing certain legal matters can be, which is why we are here to provide clients from all walks of life with the experienced, compassionate legal guidance they need. If you require the legal assistance of an attorney to help you through a criminal law matter, personal injury matter, family law matter, or otherwise, you can turn to us. Contact McNerney & McAuliffe today to learn more about what we can do for you.

Read Our Latest Blog Posts

  Can I Collect Compensation for Medical Bills in an Injury Claim?

In the immediate hours following your personal injury accident, you may find yourself in the emergency room, with an overnight…

Read More
  What Does a Prenuptial Agreement Include?

In the unfortunate event of divorce, your established prenuptial agreement may offer you great protections that promote a fair and…

Read More