Money and Success

Surviving the Credit Crisis

Karen Simpson-Hankins,CTACC

Surviving the Credit Crisis – How to Keep Divorce From Trashing Your Credit

Divorce is a difficult, stressful, and emotionally draining time in anyone’s life!  Not only are you dealing with the end of a once loving and trusting relationship, you also have to realize how that emotional element can affect your financial stability, credit report, and scores.  Just because you may be divorcing your spouse that doesn’t mean you’re divorcing your creditors!

Join me today as my guest, Bill Skillender, Owner of William Skillender Wealth Management as we discuss the steps that you need to take to protect yourself and your financial health during the divorce process.

Some of the topics we will be discussing include:

  • What is the first thing a person should do regarding their finances when going through a divorce?
  • What can be done if a credit card account or any debt is in both names?
  • What steps can be taken to keep my credit from being trashed?
  • Should I sell off assets to pay off debt?
  • Can I rely on a court order that requires the spouse to pay a debt?
  • What is the biggest expense that can be avoided?
  • And much, much more…

In addition to affecting your personal debt, a home and mortgage can be another matter.  In most cases, the parties are asked to sign some sort of hold-harmless agreement, which supposedly protects the ex-spouses from each other’s irresponsible actions, but do they really work?

Once you’ve survived a divorce, it’s time to rebuild your life and buy a new home of your own.  For more tips on finding your Right Fit Mortgage®, check out my website “KarenSimpsonHankins.com”.