March is National Credit Education Month! Do you know your credit score? Have you ever requested a credit report? Knowing your credit health is extremely important, and actually plays a factor in divorce as well.
Everyone knows that having good credit is important, but they might not know why. Credit in general establishes that you have debt, or have had debt in the past, and your credit score is based on your ability to pay that debt back. Your credit score is also calculated by how much debt you have compared to your income, and what percentage of your available credit you’re currently using.
A credit report shows more than just your credit score, it shows any liability in your name. An annual credit report (from one of the reputable credit bureaus such as Equifax) can keep you informed as far as your asset to liability ratio, and can also help you fight identity theft. Your credit report will show any loan, such as mortgages, any liens, late payments, credit cards with your name on them, etc. If those loans or cards don’t actually belong to you, you are able to flag the accounts and put a hold on your credit.
At Wolf & Shore Law Group, we always request a credit report for both parties in family law matters. This not only paints a better picture of the marital debt, but also makes sure that each party is truthfully disclosing all of their accounts.
We have many potential clients that are worried about hidden money, or debt being taken out in their name by their spouse. With the help of a current credit report, we are able to better protect our clients, and make sure that their soon-to-be ex-spouse isn’t using their information to take out accounts for sneaky spending.
There are always financial disputes throughout a divorce, and with the right representation they can be easily rectified. Our attorneys make sure to thoroughly assess all financial discovery for both parties, and make sure that assets and liabilities are accurately represented for a fair and equitable agreement.
If you need a confidential consultation, we would be happy to sit down with you! We can be reached here, at 203.745.3151, or info@wolfandshorelaw.com. You can also schedule a time for a call back from our Client Intake Specialist here.
