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Archive for May, 2019

How is my Credit Score Affected After Divorce?

Credit Score After Divorce

You might have heard that divorce can damage your credit. While the act a divorce may have no direct impact on your individual credit score, there are several scenarios that your credit score can be harmed during and after the divorce process. It is important for you to understand the potential issues that can arise in a divorce that could negatively affect your credit score so that you can guard against them. The Cantor Law Group can work closely with you to help you to protect your financial interests during and after your divorce.

When you get divorced, you may go from two incomes to one. While a drop in income will not directly affect your credit score, it can cause a few situations that can. Banks consider your debt-to-income ratio when they decide whether to extend credit to you. If your debt-to-income ratio is higher after your divorce because your income has dropped, this can make it harder for you to secure new credit.

Jointly-held Debts

Another potential problem occurs when your name still appears on a debt that your ex-spouse is responsible to pay. For example, if you had a joint credit card account that the court ordered your ex to pay in your divorce decree, your credit could be harmed if your ex-spouse makes late payments or ceases to pay it altogether. Creditors are not a party to your divorce, and they are not obligated to follow the court’s orders. This means that they can come after you for payment even if the family court judge ordered your ex to be responsible for the debt.

Having to Refinance Your Home

If you and your ex are both on the deed to your home, and you take it in your divorce, you will have to refinance the mortgage to remove your spouse’s name from it. When you apply to refinance your mortgage in your own name, the bank will look at your income and credit score to determine whether you qualify for a loan on your own. Mortgage applications also require a hard credit inquiry, which will cause a temporary drop in your credit score. Refinancing your home in your own name will also add a substantial amount of debt and affect your debt-to-income ratio.

Read More about Credit Score After a Divorce…

5 Common Questions About Divorce when Children are Involved

Common Questions to Divorce in Arizona

In certain cases, going through a divorce with children involved can be an overwhelming situation. Ultimately, it comes down to what is best for the children and both parties coming to an agreement in the end. In Arizona, there are two types of legal divorce motions: contested and uncontested.

The definition of an uncontested divorce means merely that one spouse has filed a petition for divorce and the other spouse is choosing not to respond in court. In an uncontested divorce, the terms of the divorce are agreed upon by both spouses, allowing the process to be completed by simply filing for the divorce and receiving a judgment.

A contested divorce can be much more difficult to work through. In a contested divorce, one spouse files for divorce, but the other spouse challenges the terms. When this happens, it’s beneficial to have an Arizona divorce attorney on your side to guide you through the process and represent your interests in court. Your attorney can offer you legal counsel to help you make informed decisions about financial assets, child custody, spousal support, and real property disputes.

Below are the main Differences Between a Contested Divorce and Uncontested Divorce.

  • Contested divorces may end up in court.
  • Uncontested divorces are often faster to finalize.
  • Contested divorces could require disclosure of financial assets.
  • Uncontested divorces are usually settled out of court.
  • Contested divorces are usually best left to an attorney.
  • Uncontested divorces may require little legal intervention.

 


1. How is the Divorce Process Started in Arizona?

Each state might handle the divorce process, but in Arizona it begins when a Petition for Divorce is filed. This action is the actual legal filing of the paperwork outlining the desire to dissolve a marriage by the filing spouse. Your divorce attorney will handle this part of the process, but there are some stipulations involved that are specific to Arizona. Either you or your spouse is required to be a resident of the state for at least 90 days before the filing of the petition for divorce.

Read More about Common Question About Divorce with Chidren…

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