Bryce Neier: How to Protect Your Credit During a Divorce

1. Bryce Neier: How to
Protect Your Credit
During a Divorce
The Trust Which Allows One Party to Provide Resources to
Another Party Where that Second Party Does Not Reimburse
the First Party Immediately

2. 
While undergoing a divorce, couples will
likely face more emotional and financial
distress than they have at any other point in
their lives. Despite the difficulty of these
circumstances, individuals must learn how to
protect themselves emotionally and prepare
for life after the divorce is finalized. Many do
not realize how much a divorce can affect
someone’s credit. Even worse, a spouse can
ruin someone’s credit with malicious intent or
simply with plain oversight.

3. 
To avoid potential complications, individuals must
first understand that divorce does not automatically
void any contracts that they signed while married. In
other words, creditors will not acknowledge that a
court order has altered a contract. As a result,
spouses must ensure that their co-signers correctly
transfer the asset’s equity and/or indebtedness. For
example, the individual who keeps the house should
be required to refinance under his or her name. The
individual who loses the house must ensure that his
or her name no longer appears on the mortgage.

4. 
Also, couples should close any joint
accounts immediately upon filing for a divorce
to eliminate the temptation of revenge
spending.

5. 
About Bryce Neier: Possessing decades of
professional experience, Bryce Neier offers
comprehensive family law services from his
office in Fayetteville, North Carolina. He also
provides civil and criminal law services both
in North Carolina and abroad.

6. 
About Bryce Neier: Possessing decades of
professional experience, Bryce Neier offers
comprehensive family law services from his
office in Fayetteville, North Carolina. He also
provides civil and criminal law services both
in North Carolina and abroad.