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Divorcing? Don’t forget your estate plans or your credit

On Behalf of | Nov 13, 2021 | Estate Planning, Wills and Trusts

For some people who are going through a divorce, the legal matters surrounding the divorce are the only thing they focus on. While those are important, there are a couple of other points that you have to think about if you’re in this position. 

Two things that are critically important after your divorce are determining how the split may have impacted your credit (and limiting any damage there) and making sure you have a new estate plan in place. 

How does divorce affect your credit?

The divorce might not have a direct impact on your credit. However, your credit score could take a hit if your ex is responsible for specific debts in the property division order but fails to pay those. Creditors aren’t bound by your divorce agreement, so they can still hold you accountable for debts that you amassed with your ex if they don’t pay for them. Keeping a close watch on your credit may be essential for a while after your divorce is over.

Why do you need to change your estate plan?

The estate plan you had in place during your marriage might have left the bulk of your estate to your spouse. Now that you’re divorced, you need to rethink that. You also need to ensure that the estate plan accurately reflects the assets that you currently own and is appropriately updated.

You have a lot to think about when you’re going through a divorce. Making a list of everything you need to do can help you as you go through it all and avoid potential future problems.