D I VO R C E &
YO U R C R E D I T
Consolidated Credit Counseling Services, Inc.
5701 West Sunrise Boulevard
Fort Lauderdale, FL 33313
Preparing Yourself for Divorce
Thinking about divorce? Then it’s time to get your financial house in
order. It’s easy to protect yourself and your credit if you know how.
Your first step? Open checking and savings accounts in your own
name—and don’t tell your spouse. Frequently, when couples are
contemplating divorce, one spouse will write bad checks or some-
how abuse the joint bank account, leading to credit problems for
the innocent spouse. By opening your own accounts—and keep-
ing them quiet—you can help avoid credit problems in the future.
Open your individual accounts quickly, and fund them with as much
money as you can stash away. According to the U.S. Department of
Labor, a woman's standard of living drops 45% in the first year after
a divorce, while the average man's jumps 15%. To avoid major change,
pay close attention to your credit rating, and make sure you don’t
get in over your head in credit card and other unsecured debts.
Frequently, one spouse is responsible for maintaining a cou-
ple’s bank accounts and paying bills, while the other spouse
may be in the dark. Make yourself aware of what’s going on as
soon as you can. It’s no surprise that the spouse that knows
the least about joint assets is at the greatest risk financially.
To avoid being taken advantage of, try to collect as much infor-
mation as you can before divorce is even discussed. Make copies
of bank account records, credit card statements and tax returns.
Congratulations on taking this important step to a brighter
financial future. Consolidated Credit Counseling Services,
Inc. has been helping Americans across the country solve
their credit and debt problems for more than a decade.
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