Women who haven’t taken a proactive approach to long-term financial decisions during their marriage are more likely to suffer from a bad credit score after a divorce, according to an analysis.
As the cost of divorce increases for 2019, you should focus more on the importance of being vigilant on all your financial liabilities. If you live in New York, a Nassau County divorce attorney may guide you in protecting your credit score against your spouse’s whimsical decisions driven by emotion.
A UBS Global Wealth Management study showed that less than 50% of married women participate in key investment plans with their husbands. Millennial women tend to be less active with just 39% being involved in the decision-making process. It’s not surprising then that almost 60% regret their lack of involvement by the time divorce knocks on their doors.
Financial advisers suggest that women request for their credit report as soon as the divorce process begins, as this will let them determine all unpaid financial obligations. For instance, you may only learn that your husband has accumulated debt on your joint credit card without your knowledge after the divorce papers have been filed to the court.
The Tax Cuts and Jobs Act will complicate all divorce cases next year, especially due to the changes in alimony payments. Even if you’re not going to be responsible for alimony, you should plan how you’re going to support yourself after the divorce.
This also means being able to foresee any chance of paying for unauthorized debt, which could be a result of your spouse misusing the funds during the marriage.
Financial and legal representation will serve as your best chances of reducing the risk of assuming unwanted loans and debt after a divorce. While it’s a stressful time, it’s best to control your emotions and think about how you would transition into singlehood once again.