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A look at divorce and credit

Child custody, property division and spousal support are among the major issues that often arise in divorce cases. However, many Texas residents may not be aware of the many smaller details that make up these major divorce issues. These smaller details, while less obvious, can prove to be immensely important when paving the way for a smooth and fair divorce proceeding. Divorce attorneys are available to help clarify these smaller issues.

One smaller issue that many may not consider in divorce is what happens to a person's credit. How credit is affected in divorce can be boiled down to a number of factors. One of these factors is the type of credit account, which can have a big impact. The person who opened an individual account, for instance, will usually be the only one responsible for paying off the debt.

Joint accounts are often handled differently. In many cases, both spouses are responsible for making sure the debts are paid. This does not take into consideration who is typically responsible for paying bills in the household. Many complications can arise because of this. Regardless of whether a divorce agreement designates different debt obligations for each spouse, one spouse can run up credit, damaging the other's credit score.

A creditor can close a joint account if requested by one of the spouses. However, legally a creditor is not allowed to close a joint account only because there has been an alteration in marital status.

These smaller issues may seem relatively insignificant in a divorce, but often they are not. By working out these details with a skilled attorney, it may be possible to ensure that every last divorce issue is resolved in a fair and mutually satisfactory manner.

Source: FindLaw, "Credit and Divorce," Accessed on Sept. 1, 2015

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