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When people marry they look forward to many years of emotional togetherness. Most married couples blend their financial lives, as well. When couples divorce, the emotional togetherness is broken. But the financial ties are often not as easily broken. In fact, the financial impacts of divorce can continue for many years. If you are among those who may be facing divorce or who have recently gone through a divorce, you should be aware that divorce could have extremely adverse effects on your credit. Fortunately, there are some things you can do to avoid or minimize those consequences. We will. | Building Credit After Divorce InCharge Debt Solutions Copyright 2012 InCharge Debt Solutions Published by InCharge Debt Solutions Publishing at Smashwords Table of Contents What You Need To Know The Effect of Divorce on Your Credit Capacity The Effect of Divorce on Your Credit Capital The Effect of Divorce on Your Credit Character What You Can Do Summary Building Credit After Divorce Continuing on special case topics we focus in this book on how divorce affects your credit and how you can rebuild your credit after divorce. What You Need To Know When people marry they look forward to many years of emotional togetherness. Most married couples blend their financial lives as well. When couples divorce the emotional togetherness is broken. But the financial ties are often not as easily broken. In fact the financial impacts of divorce can continue for many years. If you are among those who may be facing divorce or who have recently gone through a divorce you should be aware that divorce could have extremely adverse effects on your credit. Fortunately there are some things you can do to avoid or minimize those consequences. We will use the 5 C s of credit to organize our discussion of divorce and your credit in this chapter. However we will focus only on capacity capital and character. The other two of the 5 C s-conditions and collateral-are not affected by divorce. The Effect of Divorce on Your Credit Capacity Capacity refers to having sufficient income to afford the payments that would be required on a new loan or credit card account. Basically lenders want to know if you can repay your debts. Judging your capacity includes comparing your income to your living expenses and the amount of debt you already have outstanding. Divorce affects both income and living expenses. It will also affect your ability to repay the debts for which you are responsible. Thus divorce affects your credit capacity. A. INCOME AND LIVING EXPENSES Divorce will affect your income. Your personal .
