Many people believe that when they get married, their credit score will be combined with their spouse’s and that their credit will be intertwined. Therefore, many people may wonder what will happen to their credit if they later decide to get divorced. First, it is important to understand that your marital status does not directly impact your credit–not at the time of marriage nor at the time of divorce–since at no time does your credit fuse with your spouses. However, this does not mean that your credit score will not be affected due to divorce, as there are other factors that may cause some credit issues.
Though your marriage does not affect your score, the non-payment of joint debts wil. If you have a mortgage, auto loans, or other credit accounts in both your and your spouse’s names, you and your spouse will have to agree how to continue paying these following separation. Your divorce decree should equitably divide your joint debts in accordance with Florida law, however, you may not be able to refinance certain debts to remove your name. This means that, if the court assigns certain joint debts to your ex-spouse and they fail to pay the debts, your score could be affected. While you may be able to dispute late payments by using your divorce decree or may be able to report the non-payment of debts to the court, this can be a complex process and may not necessarily raise your score. Continue reading