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Five Tips for Dealing with Debt and Divorce: Close Old Accounts

by Norris Law Group on November 5, 2014

With so much to accomplish during any divorce proceeding, it may be easy to ignore or even forget the fact that your life will indeed continue after the divorce, and that may be very different than before. Of course, family issues are most important, and personal business may seem “secondary.” But issues such as your personal credit should be considered, too, especially if you were largely dependent on your spouse’s credit throughout the marriage. A July 2014 article on FoxBusiness.com offers some advice and encourages those going through a divorce to consider five important points regarding credit and debt during divorce. We covered the first two points in previous posts: 1. freezing all future spending and 2. The importance of settling credit accounts as soon as possible.  In this post, we discuss why and how to close any old accounts.

  1.  “Look for and shut down old accounts.” No matter how you and your spouse handled your credit accounts during your marriage, your personal credit is ultimately your personal responsibility. FoxBusiness.com encourages those going through divorce to go over personal credit reports very carefully. Look for accounts on which your spouse may be a joint account holder and accounts which may be in your name only. It is possible that you and your spouse may have opened accounts years ago and haven’t used but that may still be on your credit report. Especially if they are joint accounts, take steps to ensure that no future charges may be made on those accounts, and get them removed from your credit report if the laws of the state in which you reside allow it. Leaving old credit accounts open can lead to trouble in the future, even after a divorce.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County, UT and throughout Utah, Wyoming and Idaho. Contact them today at 801-932-1238 or online for a free consultation.

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