Your Virginia Divorce and Your Credit Score (Part A)

Divorce and debt are two "D" words that everyone dreads. Unfortunately, these two words tend to go hand in hand. Credit issues are common for many Americans, so it's helpful to know how your Virginia divorce may affect your credit score.

Many divorced people suffered some degree of financial difficulty during marriage. In fact, money-related disagreements and pressures are one of the most common causes of Virginia divorce.

Because couples often blend their finances during the course of their relationship, the same financial struggles that contribute to marital breakdown can also cause complications during the ensuing Virginia divorce.

Understanding Your Credit Score

There's no way to know by simply looking at someone whether he or she is likely to pay back a loan. That's why credit scores were invented. Your credit score is a number that represents your credit-use behavior, and is based on your payment history and credit history on past and current loans. A credit score is used to help potential lenders determine how much of a lending risk you present.

This number is useful information to banks, credit card companies, utility companies, and any entity that needs to conduct financial transactions based on some degree of trust.

The most popular credit scoring method is the one created by FICO. This system rates your credit history on a scale from 300-850, the average score being around 650. Every American is entitled to one free inquiry into his or her credit rating per year. Knowing this valuable information is essential when preparing for your Virginia divorce.

Credit Issues After Divorce

Married people generally share financial holdings and responsibilities. When Virginia divorce occurs, one partner can easily end up being responsible for the other's debt and walk away with a damaged credit score.

Also, in many relationships, one partner is the primary "money person"; the one who handles most of the finances. This can allow one partner the opportunity to secretly mishandle the household money and create debt. Sometimes, one partner doesn't even find out about the other's financial deceit until the divorce is underway.

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What Every Virginia Woman Should Know About Divorce is full of thoughtful steps and practical tips that will help you during your separation, divorce, or child custody case including:

-- 20 guidelines for "separation under the same roof"

-- 13 critical factors used to determine spousal support

-- 3 types of property classification recognized by Virginia courts

-- 10 factors your judge must consider in a contested custody case

-- a formula to determine your percentage share of his retirement benefits

-- 38 Financial Records you should be aware of

-- 20 steps to prepare for divorce

-- 7 stages of divorce

-- 40 age-appropriate books about divorce for children

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