Divorce Advice for Men | Fathers Rights Divorce | Child Custody

By Steve Unger

Special to DadsDivorce.com

Maintaining a good credit rating is extremely important in today’s economy, because most people need to borrow money at some point. But credit can become an even bigger issue after a divorce.

When married couples have two incomes and significant joint assets, it’s not hard to have a good credit rating as long as they pay their bills.

But then what happens when that couple gets divorced? Suddenly, your ability to obtain credit can be dramatically impaired – or even ruined.

Most institutions are reluctant to make deals with people who have questionable credit, and not just lenders. Potential employers and insurance companies can also look at your credit history as an indicator of how responsible you are.

This Money Made Easy episode addresses a viewer's question about the impact a short-term loan could have on his credit score.

Financial adviser Dan Danford, CFP®, CRSP®, MBA, explains they ways in which these quick-fix loans affect credit scores and why the more reputable your lender is, the more likely they are to report your loan.

Question:

I need financial advice on divorce. My ex-wife was awarded the marital home in our divorce decree.

I recently became aware that my credit score has dropped considerably since then because she has been repeatedly late on the mortgage.

Is there anything I can legally do to get my name off the marital home mortgage other than for her to refinance, which is next to impossible?

Question:

I am curious about the child support laws for reducing my overnight visitation credit?

My income has been greatly reduced in the past several years due to the recession. I recently received a motion with the new child support calculation.

On my judicial order I was given a 34% overnight visitation adjustment credit. On the new motion, the Child Support Modification Unit gave me a 10% credit. This drastically changed the child support calculation.

Is there a legal precedent for reducing the overnight visitation credit? My children live with me 182 days a year.

By Tara Lynne Groth

Special to DadsDivorce.com

At any stage of the divorce process one wants to minimize the risk of credit damage. Identity theft by a former spouse, although rare, is possible.

Equifax offers an annual credit monitoring service for approximately $150 that includes identity theft insurance.

Here's a checklist for protecting your accounts and limiting the possibility of identity theft: