Protecting Your Credit During And After A Tampa Divorce
Getting a divorce in Tampa can take a heavy emotional toll, but the consequences can linger long after the legal process ends. Decisions made before or during Hillsborough County divorce proceedings can directly affect your financial security for years to come.
Our experienced Tampa divorce lawyer explains how the end of a marriage can impact your credit rating and how to protect your financial security, now and once you get a final order.
How a Tampa Divorce Can Damage Your Credit
Tampa divorce filings do not appear on your credit report and will not directly lower your score. The real risks come from what happens to your shared accounts and debt obligations during and after the process.
Under Florida Statute Section 61.075, marital debt is subject to equitable distribution, which means a court can assign responsibility for a joint account to your spouse. However, if your name remains on an account, you remain legally responsible for it.
Other situations that can seriously hurt your credit during a Tampa divorce include:
- Dropping from two incomes to one can make it harder to keep up with bills, increasing the risk of late payments.
- Closing joint accounts can lower your total available credit and raise your credit utilization ratio, a key factor in your credit score.
- Legal fees and other divorce-related costs can push credit card balances higher, further affecting your utilization rate.
- Unpaid child support or alimony, reported to Experian and other credit bureaus, may stay on your credit report for up to seven years.
Being aware of these risks is the first step, but it’s not enough. The next step is to take action to protect yourself.
Steps That Can Help Protect Your Credit When Getting a Tampa Divorce
Fortunately, damage to your credit score due to a Tampa divorce is largely preventable. Taking a few targeted steps can make a significant difference:
- Pull your credit reports at the start of your divorce to identify every joint account.
- Work to close or refinance joint accounts as soon as possible.
- Open individual credit accounts in your own name during the divorce process to begin building an independent credit history.
- Ask your lawyer to include specific language in your settlement requiring your spouse to refinance any joint debt assigned to them within a set timeframe.
- Set up automatic payments on any accounts still in your name.
- Monitor your accounts regularly after you get a final divorce order for any unauthorized activity or missed payments.
Taking these steps does not guarantee a perfect outcome, but it significantly reduces the chance that your spouse’s financial decisions will follow you into your next chapter.
To Protect Your Financial Security, Contact Our Experienced Tampa Divorce Lawyer Today
Filing for a divorce in Tampa is never easy, but it doesn’t need to ruin your credit. At Bubley & Bubley, P.A., we work to protect your interests at every stage of the process. For trusted legal guidance, contact our experienced Tampa divorce lawyer and request a consultation today.
Source:
flsenate.gov/laws/statutes/61.075
equifax.com/personal/education/life-stages/articles/-/learn/divorce-and-credit
