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  5. Divorce could impact spouses’ credit reports

Divorce could impact spouses’ credit reports

On Behalf of Ed Shaw Law | May 1, 2019 | Divorce |

Many Minnesota couples know that the financial effects of a divorce can have long-term impacts that linger on even after the emotional and practical issues are resolved. However, the first matter that come to mind may be how to divide the marital home or retirement funds, rather than a potential impact on each spouse’s credit. While marital status is not taken into account when calculating a person’s credit score, the end of a relationship can still have a lasting impact. People can take precautions in order to protect their credit score and emerge from a divorce financially healthy.

Joint accounts are common among married people, and these can include home mortgages, credit cards and even personal or auto loans. The division of property during a divorce includes not only assets but also debts. However, the agreement that is part of the divorce decree does not bind creditors. Even if one spouse agrees to pay a certain debt, the creditor can go after the other spouse if he or she remains on the account. While that party may have the right to pursue the other in court, the financial impact could be long-lasting.

This is one reason why people should be sure to actively close joint accounts at the end of a marriage and not just make agreements for who will pay each account. This can include closing credit cards, bank accounts or any other joint loans and transferring the balance into the name of the spouse who is to be responsible for that particular debt.

Divorce is about ending a romantic relationship, but it also involves a financial disentanglement. A family law attorney can represent a divorcing client and work to obtain a fair settlement on legal and financial issues including property division and spousal support.

What is the difference between legal and physical custody?

On Behalf of Ed Shaw Law | Apr 23, 2025 | Family Law

If you're going through a custody issue in Minnesota, it's important to understand the difference between legal and physical custody. These terms may sound similar, but they each play a different role in your child's life. Understanding legal custody Legal custody...

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JAIL PHONES

by Edward Shaw | Apr 4, 2025 | Criminal Defense

Many of you have seen movies involving phone calls from a jail or prison, maybe some of you have gotten calls from a jail or prison.  If you have, you may be familiar with the message that often plays 'This call is from a correctional institution and may be...

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EXPERT WITNESSES

On Behalf of Ed Shaw Law | Mar 27, 2025 | Firm News

Most people outside of the legal system have never heard of expert witnesses, a critical part of the legal system.  Unlike regular witnesses, who can testify about what they observed or heard, experts can offer opinions.  Experts are used to explain a variety of...

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Contracts for Deed

by Edward Shaw | Mar 12, 2025 | Business Law

They are an alternative method of financing the purchase and sale of property.  Instead of the buyer getting a bank loan, payments are made to the seller.  The arrangement has its advantages, by taking payments over time a seller can in some cases save on taxes. ...

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WHEN DO YOUR RIGHTS HAVE TO BE READ TO YOU

by Edward Shaw | Jan 31, 2025 | General Law

I have written on this topic before, but, because it is a source of a lot of misunderstanding among the general public, it needs more attention. Police shows for decades have shown people being arrested and read the Miranda warning, 'their rights', you have the right...

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When can you sue someone for something they say?

by Edward Shaw | Jan 24, 2025 | Civil Law, General Law

Free speech is a cornerstone of our society, for good reasons.  A democracy depends on people being able to express their opinions about anybody, and anything.  Even the richest and most powerful in society can be criticized by any citizen in a free society. Like all...

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MONEY AND DIVORCE

On Behalf of Ed Shaw Law | Jan 13, 2025 | Firm News

When divorces are tough there are usually issues with money.  The rules on dividing assets, money, real estate, vehicles, anything of value, are simple, it is generally divided equally, regardless of who earned it, or whose name is on it.  The exception is...

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Tips for co-parents to keep the holiday season peaceful and joyous

On Behalf of Ed Shaw Law | Dec 6, 2024 | Custody

Co-parenting presents challenges throughout the year, but the holiday season can amplify these difficulties, even for those who maintain a cordial relationship with their former spouse. From Thanksgiving through the end of the year, the added stress of coordinating...

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Home For The Holidays

by Edward Shaw | Nov 27, 2024 | Firm News

It happens every year in the family court business, separated parents fighting over where the kids will be for the holidays.  The holiday season has its challenges to begin with, the stress or organizing get togethers, figuring out where people will be, traveling with...

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THE WHEELS OF JUSTICE GRIND SLOWLY

by Edward Shaw | Nov 1, 2024 | General Law

I watch very little TV, but the shows that I have seen about the legal system vary in how accurate they are, some are almost completely fantasy, others were clearly put together by people who have worked in the legal system and are pretty accurate. Almost all of the...

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  • What is the difference between legal and physical custody?
  • JAIL PHONES
  • EXPERT WITNESSES
  • Contracts for Deed
  • WHEN DO YOUR RIGHTS HAVE TO BE READ TO YOU

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