blog home Divorce Custody and Credit Issues to Consider Before Divorce

Custody and Credit Issues to Consider Before Divorce

By Nottage and Ward on August 26, 2011

This blog post continues our discussion of important financial issues that anyone facing divorce should reflect upon, particularly with the counsel of a highly trained lawyer that has experience with family law. It can be an unwise decision to begin the divorce process without taking these factors into consideration.

Your Credit Score

If you do not have a good credit history, it may be worsened by a divorce. To open a credit card, rent an apartment, or even interview for some jobs a credit report is often needed. Depending on how damaged your score is, you may not be able to live to the standard of living you were accustomed to prior to the divorce. Depending on the situation, it may be worthwhile to wait for some time to divorce, if the split is amicable, in order for you to work on increasing your credit score. In some cases, if one party has serious credit damage, it may be in their best interests to attempt to negotiate to keep the house or vehicle so they do not have to face creditors any time soon.

Non-Adult Children

If minor children are involved, a divorce may become even more complicated. Custody and visitation rights will need to be settled, and financial support arrangements will have to be implemented. You and your soon-to-be ex-spouse will have less combined income with which to support your children, since you will both now have living costs separate from one another. There are other important financial aspects to consider if one or more of your children will soon go to college. However, one benefit of the divorce may be that your children could be eligible for student loans and grants that otherwise may not have been previously eligible for.

If you are considering divorce in Illinois, you may wish to consult with a Chicago divorce attorney to learn more about the process and how it could change your financial situation. Contact the lawyers at Nottage and Ward to find out more by calling 312-332-2915 today.

Check back with our blog for the conclusion of our three-part blog series.

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