How To Protect Your Credit Score
People who are planning to get divorced need to start making plans for life after divorce. For you, these plans could include taking steps to organize your finances and establish a credit score that reflects your financial strength and ability to service debts, not that of your ex-spouse.
At Lake • Toback • DiDomenico, we address issues concerning these and other matters that affect the lives of our clients as part of our services. If you have concerns about your ability to live independently and comfortably after divorce, we can answer your questions and allay those concerns. We also have several independent financial advisors available to us to whom you can be referred.
Planning For Divorce And Protecting Your Credit Score
Our attorneys take a strategic approach to divorce. In your case, this will involve a careful examination of the financial, familial and personal challenges that you face. We will then develop an appropriate legal strategy designed to place you in the strongest possible position after divorce.
Some of the things you may wish to do during the divorce process include the following:
- Obtain a copy of your credit report as it stands now — If there are any discrepancies or errors, try to resolve them before your divorce.
- Discreetly establish a checking account and obtain at least one credit card in your own name — These accounts should be at different financial institutions than your joint accounts or where your spouse has individual accounts.
- Collect copies of your current joint and individual financial account statements and tax returns, including W-2s and 1099s, for at least the last three to five years — Give them to a trusted family member or friend, or keep them in place your spouse does not have access to, such as a safe deposit box. If you or your spouse is involved in a corporation, whether closely held or public, the 1120 tax returns are also important.
- If your spouse is hiding assets — Collect as much information as you can regarding the location of those assets. Our firm has experience tracing hidden assets, but this can give us a head start in this effort.
Your situation is unique, and achieving your divorce will require a legal strategy tailored to your needs. Our lawyers can review your case and provide additional advice and services.