How To Protect Your Credit During an Illinois Divorce 

 Posted on April 12, 2025 in Asset Division

Your personal finances can suffer during divorce, and you could have credit problems during this difficult time. Your upset spouse might even deliberately run up debt to damage your credit score. However, by taking several simple steps to safeguard your credit during divorce, you can regain control and work towards a better financial future.

Our skilled Illinois divorce attorneys at Weiler & Associates, Inc. understand the myriad financial challenges people often experience during divorce. They can assist with any concerns you have, including financial questions about protecting your credit, taxes, debt, business division, and property division.

Review Your Credit Report

Retain a free credit report from Experian, Equifax, or TransUnion from AnnualCreditReport.com. By law, you are entitled to a free credit report annually. Review your credit report for joint credit accounts and debts, and check if your spouse has been making recent credit card purchases.

Monitoring your credit during the divorce helps raise awareness of any changes, such as missed payments on joint credit cards, which could negatively impact your score. Consider a credit monitoring service that provides real-time alerts for any activity on your accounts.

Separate Your Finances

Joint accounts can be a problem if your partner misses payments or incurs debt during the divorce process. Open individual credit and bank accounts in your name and redirect your income to them. While the income you earn during your divorce may still be considered marital income, you can often protect how it is used while the divorce is ongoing.

However, closing joint accounts and removing funds is not a good idea, especially without talking to your attorney first. While beginning to be financially independent can be helpful during the divorce process, avoid any behavior that could be interpreted as hiding money from your spouse. If you are concerned that your spouse will deliberately try to waste money, getting a financial restraining order may be an option.

Create Your Budget and Pay Off Debt

Divorce can alter your financial situation, so create a realistic budget that takes into account your income, expenses, and debts. If you still have joint credit accounts with balances, focus on paying them off first.

If you must assume responsibility for certain debts in the divorce settlement, ensure you pay them on time to maintain a healthy credit score. Call your creditors if making minimum payments is a struggle; they may offer forbearance options while you regain your financial footing.

Consult Your Divorce Attorney

Before you make any financial decisions, big or small, talk to your attorney. In addition to helping you negotiate a fair settlement for both assets and debts, your attorney can advise you on how to make wise choices about how to protect your money within the framework of Illinois divorce law.

Contact Our St. Charles, IL Divorce Lawyers Today 

Financial and credit worries can overwhelm you during divorce. Fortunately, qualified legal advice from the experienced Kane County, IL divorce attorneys at Weiler & Associates, Inc. can provide peace of mind. Contact our lawyers immediately at 630-331-9110 to schedule a legal consultation to review your case and receive the support you need during this challenging time.