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Divorce in Illinois

Divorce can be a stressful and emotional experience; the loss of companionship and fighting between former partners are some of the more obvious effects. One aspect of divorce that many people may not see coming is the effect on one's credit.

There are several ways that divorce can have an effect on your credit. One common reason for changes in one's credit after divorce is that what may have been a two-income household has now become two one-income households, and that means less credit that will be extended to each individual. Furthermore, what debt they do have will be compared against this lower credit limit. This typically means higher credit utilization rates and, consequently, lower credit scores. If the debt left over from a marriage is split unevenly, this could have a profound effect on that partner's credit because he or she may have even more debt compared against equal or even less income.

Sometimes, one partner won't disclose all their debts. If these debts are in the other partner's name, this can add a significant financial burden that isn't accounted for in the divorce settlement. If one party doesn't live up to the financial directions in the divorce decree or doesn't understand them, this can leave one partner stuck with more than their agreed share of the debt burden. Divorces can bring out the worst in some people and lead former partners to financially harm each other out of spite.

Divorce can have a profound effect on one's life, not the least of these being financial. Divorce attorneys may help their clients with issues such as alimony, child support, spousal support and property division that come up in divorce cases. Legal professionals might also assist with any post-divorce modification or agreement modification after a divorce has already taken place.

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Bradley R. Tengler, P.C. 728 North Court Street, Suite B Rockford, IL 61103 Phone: 815-981-4859 Fax: 815-997-5129 Rockford Law Office Map