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Opening New Lines of Credit During a Divorce

 Posted on February 12, 2024 in Divorce

Blog ImageMany decisions made during a divorce will have long-lasting consequences, both personally and financially. One such decision may involve opening new lines of credit or waiting until the divorce process is finalized. If you are considering opening a new line of credit during your divorce, discussing the matter with your experienced attorney may be wise. An attorney is a legal professional trained in Illinois divorce law who can help you with every step of the process, ensuring the decisions you make in the present do not come back to bite you somewhere down the road.

Financial Independence vs. Complications 

Opening new credit cards during a divorce can offer a sense of financial independence and the ability to manage expenses. However, it can also complicate the division of assets and debts. Any debts incurred during the marriage, even if only one spouse's name is on the account, may be considered marital debts, potentially making both parties responsible for repayment.

Impact on Division of Assets

When dividing assets and debts, the court considers each spouse's financial situation

Opening new lines of credit can affect this evaluation, potentially leading to an uneven distribution of assets or increased spousal support obligations. It may also complicate the process of determining which party is responsible for the new debts incurred. Understanding the legal implications is crucial before making any decisions. Laws regarding the division of debts and assets during divorce vary by jurisdiction. Consulting with a divorce lawyer can provide clarity on the specific laws applicable to your case and help you make an informed decision

Professional Advice from a Trusted Professional

Take the time to seek advice from a respected legal professional. Seeking advice from a financial advisor may also be recommended to ensure your financial situation is effectively fortified against the perils of divorce. They will evaluate your unique situation and provide personalized advice for your situation. In many cases, waiting until after the divorce is finalized to open new credit cards is advised to avoid complicating the division of assets and debts. However, there may be exceptions based on specific circumstances, such as the need for immediate financial support or protection against financial abuse.

Contact Our Skilled DuPage County, IL Divorce Attorney

Deciding whether to open new credit cards during a divorce requires careful consideration. Contact the skilled Wheaton, IL divorce lawyers with The Stogsdill Law Firm, P.C. for the best legal guidance. Call 630-462-9500 for a private consultation.

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