New York Divorce Report - New York's Divorce and Family Law Blog

Your credit rating could be hurt by divorce. As part of divorce, you distribute not only your assets, but your debts and obligations as well. An in-artfully drawn marital agreement may provide that one spouse will assume the liability for a joint debt. However, an agreement apportioning joint liability between you and your spouse is not binding on the creditor. The creditor can attempt to collect the debt from either or both parties. As pointed out in a Fox Business article, “The mistaken assumption that you're off the hook for financial obligations can result in a series of missed payments... More

Divorce, illness and a long term disability are the most common life events that have a catastrophic effect on a person’s financial well being.  All too frequently a person going through divorce watches as his/her credit rating is destroyed by the former spouse. The  Ask the Advisor Blog has some great tips for protecting your credit after divorce.  Chief among his tips are: 1.Check Your Credit Score — By checking your credit score you can see if your credit has been adversely affected by your divorce. It will also show if there are any debts that you used to share... More