People find out they have joint accounts they forgot about, or that a spouse put them on an account in their name without telling them. Having the most up to date information is essential.
Queens, NY (PRWEB) September 23, 2016
The seasons can’t be controlled, but your finances can. New research from two University of Washington sociologists reveals that rates of filing for divorce peak in August. In light of these timely findings, Bruce Feinstein Esq., a New York divorce and family law attorney, is speaking about ways his clients and others can properly prepare their credit for divorce during peak filing season.
When looking at divorce trends, the time of year is not a highly discussed topic. However, the results of research by associate sociology professor Julie Brines and doctoral candidate Brian Serafini have uncovered just the opposite: quantitative evidence that filing for divorce follows biannual, seasonal patterns. The research looked at filings between 2001 and 2015 and found consistent peaks in March and August.
Upon further inspection, these spikes correlate with the times right after major seasonal holidays. Families may see the holidays as taboo for divorce, and may also want to use these periods to attempt reconciliation. Mr. Feinstein says, “I certainly can’t control when a client decides to file for divorce, but I can empower them with information about keeping their finances and credit scores safe during this difficult period.”
Maintaining a good credit score may not be top of mind when preparing for a divorce, but it can help protect an individual’s financial future. The first step is to pull credit reports from the major reporting agencies, including Experian, TransUnion, and Equifax. Checking a report will highlight any errors that can lower a score, such as an improperly reported debt payment. This will also show any joint accounts a person may have with his or her spouse. “People find out they have joint accounts they forgot about, or that a spouse put them on an account in their name without telling them. Having the most up to date information is essential,” explains Mr. Feinstein.
Another rule to follow is not to open any new lines of credit when filing for divorce. This can end up affecting a spouse’s credit history during the divorce process. Defaulting on payments can have a negative repercussion for both spouses, as well as create more work during the divorce proceeding. There is also the emotional impact of taking on more debt, which can aggravate an already tense situation during divorce. Avoiding new loans and credit cards will prevent additional anxiety and animosity.
Finally, Mr. Feinstein suggests creating a budget to manage funds and make sure financial changes after divorce won’t ruin a person’s credit. Life after divorce comes with a new set of fiscal rules, such as alimony, child support, and living in a single-income household. “By setting up a new budget to reflect these changes, individuals are able to enter this new chapter in their lives both emotionally and financially,” says Mr. Feinstein.
The Law Offices of Bruce Feinstein has nearly two decades of experience in divorce and family law, helping clients and families resolve their issues and move forward with their lives. If you are thinking of getting married or divorced and want more information visit feinsteindivorcelaw.com or call (718) 475-6039 to reach the New York office.