Divorce can have many financial consequences

On behalf of Stange Law Firm, PC posted in Family Law on Friday, February 14, 2020.

Missouri residents who have gone through a divorce may have lower credit scores and higher levels of debt. According to research from Debt.com and MoneyWise.com, divorce can cost a person $5,000 or more. The price tag includes attorney fees, court expenses and costs related to splitting property after the marriage officially ends. Someone who chooses to end their marriage may also be responsible for a portion of any joint debts accrued while with their ex-spouse.

Credit scores can drop by 50 points or more during and after a marriage comes to an end. This can make it more difficult for some people to obtain new lines of credit or get the lowest interest rates on lines of credit that they do qualify for. Individuals are encouraged to pay their debts on time to maintain their good credit or to improve their scores over time.

Making minimum payments can also help a person maintain a positive credit history. Those who are thinking about getting married are encouraged to communicate openly about their financial goals before doing so. Conversations about money are also important while a couple is together as it can help to keep the relationship in a good place. Those who are worried about the financial repercussions of a divorce may want to consider just separating instead.

Anyone who is going through the divorce process may want to retain a family law attorney. Legal counsel could help a client learn more about the potential financial consequences of ending a marriage both before and after the divorce takes place. An attorney may also be able to review a prenuptial agreement or any agreement reached after a wedding occurred to determine if its terms are still valid and enforceable.

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