09 Jul 2012

Divorce: Effects on Credit Scores for Memphis Couples

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Many couples are unaware of how their divorce effects their credit score. In Memphis, divorce lawyers know credit ratings can increase or drop depending on how the couple settles their finances.

Paying off debts is a great way for a couple to handle their deficits in a divorce. Effects on a credit score will benefit from a lessening of red ink on your ledger. The opposite is also true. Divorcing couples that ignore bills in an attempt to wait the other spouse out will definitely see their credit rating plummet.

In a divorce, effects on a credit score are determined by the same standards as any other person’s credit rating, including: 

  • payment history (punctual payments, late payments);
  • kind of credit you have (credit cards, mortgages, finance accounts);
  • the length of time you have had a credit history and its activity;
  • new credit accounts recently opened; and
  • the ratio of debt to available credit.

A Memphis Divorce Lawyer Can Help

When struggling through a divorce, its effects on a credit score, and the financial maze that lies between you and your partner, an experienced Memphis divorce lawyer may be able to help sort things out for you. The attorneys at the Miles Mason Family Law Group have been assisting clients in Memphis, Germantown, Collierville, and the surrounding West Tennessee and Eastern Arkansas areas for years. Give us a call and let us show you what makes us different – 901-683-1850.

Miles Mason

About

Memphis divorce and family lawyer, Miles Mason, Sr. is the founder of Miles Mason Family Law Group, PLC. For more information about our professional staff, see our Meet the Team page.

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