Putting your Finances in Order During Divorce

Managing finance in divorce

Divorce can have a significant impact on your checking account. There are costs to be incurred that normally would not occur if not for divorce. These include attorney fees, consultant fees and in many cases, custody evaluators, property evaluators and other such experts. Since there is a separation between two people, one of the parties usually has to move out and set up a new household (be it a short-term rental, a room-sharing arrangement, family home etc.).

Whatever the situation is, the fact is that divorce can increase your credit card debt and before you know it, you’ve got yourself quite a hefty “balance owing” and are no longer able to cover the minimum payments, resulting in interest being slammed on your balance and the hope of ever achieving that zero outstanding balance turns dim. It might look bleak but the fact is that this is something that is unavoidable in most cases and the ability to have some credit in such circumstances can help you get back on your feet.

Legal experts offer several pointers that could help women establish credit in their own names. This is especially applicable to women who have not been in the workforce for quite sometime and have usually relied on their husbands for financial support. Now that the relationship no longer exists, they have to come up with strategies to build their own credit.

Some tips on establishing credit include:

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