credit mediated divorce

What you may not realize is that you may still be financially tied to your spouse even if you are undergoing a divorce. With that being said, you must take proactive steps toward becoming financially independent from your spouse, or otherwise, your credit may be negatively impacted. Follow along to find out how to protect your credit in your mediated divorce and how a proficient York County, PA divorce mediation attorney at Ilkhanoff & Silverstein can guide you in doing so.

How will debts be assigned in my mediated divorce?

First of all, a mediated divorce is considered a negotiation between you and your spouse on all the divorce-related issues at hand that allows you to reach a fair settlement agreement. The negotiation process is done outside of the Pennsylvania courtroom, and rather, it is conducted in the presence of an unbiased third party.

In using this alternative divorce method, you and your spouse will maintain control over how you assign your debts at the finalization of your divorce. For example, say you and your spouse co-signed a credit card during your marriage. In your divorce, you will still be legally obligated to cover the debts incurred on this card. But by using mediation, you and your spouse can negotiate how these debts will be handled between the two of you.

Can a mediated divorce help protect my credit?

Put simply, a mediated divorce will help you divide your debts in the most manageable way possible, and thus helps protect your credit. Below are steps you should take in your mediation proceedings so that you and your spouse can make this happen:

  1. You and your spouse must name all the debts that you incurred throughout your marriage (i.e., mortgage, credit card, student loan, or personal loan debts, etc).
  2. You and your spouse must calculate the amount owed for each account, the name(s) on each account, and any past-due payments.
  3. You and your spouse must talk over the possibility and willingness to pay off these joint accounts together.
  4. Or, you and your spouse must discuss creating individual accounts and assigning the debts accordingly.

That said, independent work that you can do toward protecting your credit in preparation for your divorce includes the following:

  • Open an individual checking account in your name so you can start depositing your paychecks into this account.
  • Apply for a low-limit credit card so that you can start gradually building your credit.

We understand your desire to become financially independent in the aftermath of your divorce. So, while it is not necessary, we recommended that you hire a talented Suffolk County divorce & separation attorney to serve as your unbiased third party in your mediated divorce proceedings. Pick up the phone and give us a call today.


If you need legal assistance with personal injury cases, criminal defense matters, family law issues, estate planning law matters, and more, contact Ilkhanoff & Silverstein today.