blog home Divorce Protecting Your Credit during a Divorce

Protecting Your Credit during a Divorce

By Leslie Fineberg on April 15, 2013

Illinois Divorce Credit RatingIf divorce is in your future, you are probably facing an emotional, trying time in your life.  The last thing on your mind may be your credit rating, but consideration of financial matters is never more important than prior to and during a divorce.

Courtesy of, there are steps you can take during a divorce that can help you with your finances.  You need to first determine and protect your credit rating.  Make sure your spouse has not concealed debts or assets.  He or she could have run up a debt by obtaining a loan or a credit card under both names without your knowledge, which may negatively affect your credit rating.  Find out what your rating would be as a single.

Your credit score is all the information about your credit profile summed up as a number on a scale from 300 to 850.  A score in the mid-700 range is considered by lenders to be a good credit score.  On average, Americans score approximately 660.  A good credit rating is needed these days even to rent an apartment, and an excellent score may help you obtain a new home or a new car at the minimum APR interest percentage available and with little down payment.  The higher the score, the lower the interest rates on credit cards.

Your credit score will depend on the following factors:

  • Total loan/credit card balances
  • Total lines of credit outstanding
  • The amount of credit still available to you on second mortgages, credit cards, etc.
  • The total amount paid out each month in monthly payments
  • Whether or not you are only paying minimum monthly payments
  • Whether or not you have been late with payments or had court judgments against you

The Chicago civil unions attorneys at Nottage and Ward have devoted their practice to family law for over 20 years.  Our attorneys can provide rational answers to all your complex financial questions surrounding divorce.  Please call (312) 332-2915 for a private consultation.

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