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Divorce can impact credit score

The process of dissolving a marriage can understandably be emotionally challenging, but it can also be difficult from a financial point of view. Specifically, it can affect a person's credit score in the state of Montana. The credit score can specifically be impacted by divorce costs and by failing to make payments.

The divorce process can be costly when two people are going through a complex and lengthy custody dispute, for example. In some situations, people decide to charge their expenses to credit cards. However, increasing your credit card use can cause one's credit score to drop.

Sometimes people who are juggling the costs of divorce might struggle to stay current with their financial obligations, including their car payments, mortgage payments and utility payments. Not making these payments on time may also hurt one's credit score. If there is a joint credit card account or mortgage account and a future ex feels especially vindictive, he or she may even purposely not make the required payments he or she is expected to make so that one's credit score is subsequently harmed.

The financial pressures that come with divorce can be overwhelming and have long-term effects in the state of Montana. However, an applied understanding of the law may help people to make educated decisions about how to handle matters such as property division and asset distribution in a personally favorable manner. Any person going through divorce has the right to seek his or her best interests during this type of family law proceeding.

Source: nasdaq.com, "3 Ways Divorce Can Affect Your Credit Score", Shawn Leamon, Jan. 10, 2017

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