Law Offices of Indu Srivastav, APLC
Experienced Family Law Attorney Serving Southern California
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Protect your credit when divorcing

Those going through a divorce should take steps to protect their credit. After all, you will be dependent on a single income after the split.

Good credit is one of your most vital assets post-divorce. You might need to refinance your mortgage in only your name or purchase another property entirely. If your credit takes to hard a ding in your divorce, you might wind up unable to qualify for a loan.

Living in a community property state like California means that your spouse's debts accrued during the marriage are also your debts. You should take steps to separate your own debts from your spouse's as soon as divorce becomes a reality.

Running both your and your spouse's credit reports prior to filing for divorce determines what the two of you jointly owe. Then, later in the divorce, your spouse should not be able to saddle you with any of their additional debts.

Whenever it's possible, you should close joint accounts so that you can't be held responsible for your spouse's spending. Arrange for credit monitoring services for a few months to determine whether your spouse is attempting to open accounts in your name or jointly.

Accounts with balances can't be closed. But, they can be frozen to avoid additional charges being added.

Ask your family law attorney to help you offset some of the debts with assets if you are worried about being left with too many bills you can't pay. By offering your ex a larger share of the community property spoils if they pay off a debt in full might allow you to qualify for a new mortgage when starting over alone.

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Law Offices of Indu Srivastav, APLC
1400 N. Harbor Blvd., Suite 601
Fullerton, CA 92835

Phone: 714-515-5008
Fax: 714-515-8338
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