A Divorce can Deplete Your Savings and Ruin Your Credit
Because divorce can be such an exasperating experience, many people take their eye off other issues like their personal finances. All their financial focus is on the divorce itself and other issues like credit and savings are pushed to the side.
If you choose mediation over a drawn out fight in court, that means you are concerned about saving money, so that’s a positive first step.
There will be some costs associated with splitting up, but there is no reason to make it a complete financial disaster. One of the primary goals of mediation is to reduce costs and save both parties money. If there are children involved, doesn’t it make sense for money to be set aside for education and other beneficial endeavors?
Watch Your Savings and Credit Score
This is good advice for everyone, but remember to closely monitor your credit score prior to and during a divorce. Just because you have joint bank accounts and loans with the name of both partners on them does not mean you have a joint credit report, in fact credit reports are always separate. Watching yours closely will insure there isn’t anything going on that you should be aware of. Spouses who have intimate knowledge of their partner’s confidential information have been known to open new accounts and then run up high balances. Be on guard.
When you emerge from a completed divorce, it will be very important for you to have a solid credit score in case you need to move, buy furniture, and start over again.
Divorce Mediation in New York and New Jersey
Divorce mediation is a far more equitable, cost efficient, and friendlier path to choose over the rigors of expensive depositions, hearings, and trials in court.
Questions? We are here to help. Mediation Associates of New York and New Jersey, LLC are prepared to answer your questions if you think there me be a divorce in your future. We take a pro-active and compassionate approach to every situation and we’re easy to communicate with. Call 877-666-9601 for a complimentary and confidential consultation.
We serve people in Rockland, Westchester, Orange, and Bergen Counties.
