When getting divorced, many things could have impacts on your finances, such as your credit. This could include things that seem totally unrelated to finances. Take for instance, a divorce name change.
If you changed your name when you got married, one of the decisions that will come before you in a divorce is whether to keep your current name or change it back. While this decision in itself doesn’t have credit impacts, how careful you are after it can.
Specifically, this is the case if you opt to change your name in the divorce. When individuals make this decision, it is very important for them to make sure to update all of their loan and credit accounts with their new legal name. Failing to do this is what can have credit implications.
When a person changes his or her name in a divorce and doesn’t properly update the names on his or her accounts, it could lead to his or her credit report containing multiple names or errors. This could create all kinds of problems. It could lead to a person facing damaged credit, a lowered credit score and the stress of having to dispute credit report errors.
As this underscores, it is very important for divorcing individuals to understand what decisions in their divorce could have financial implications and what they can do in connection to such decisions to prevent financial problems. Skilled divorce attorneys can advise individuals on what effects the various legal decisions in their divorce could have.