Divorce credit rating advice given

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Divorce credit rating advice given

Advice on protecting credit ratings while going through a divorce has been offered.

Website divorcediva.co.uk cited an article in the American Chronicle on handling finances during the break-up of a marriage.

The first step should be to acquire a credit report from Experian, Equifax and TransUnion to get a clear picture of one's financial situation.

People going through divorce must handle secured accounts, such as mortgages, and unsecured accounts which comprise such things as credit cards.

Spouses can buy each other out for secured accounts or sell the asset privately.

People are advised to take action quickly on unsecured accounts.

They are also warned that if a judge orders a spouse to make a payment and it is refused, both people's credit ratings can be affected, so joint accounts should be terminated quickly.

According to The Lawyer, more women have been seeking divorce proceedings as the credit crunch takes hold.

Cintons family partner Liz Vernon told the publication that women wanted to act fast to secure family assets.

Meanwhile, Sandra Davis of Mishcon de Reya said couples are coming under financial strain.
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