Divorce is a difficult situation for spouses and their families. As difficult as this time is, it may actually be beneficial to the credit scores of certain Texas spouses. A study suggests that almost 30 percent of individuals saw an increase in their credit scores after divorce.
A divorce and credit survey was conducted on credit.com which had 526 participants. The purpose of this survey was to discover how divorce may have an impact on credit scores. Out of those participants, a certain number indicated that they saw a significant increase in their credit score after divorce. Approximately 40 percent of participants already had a higher credit score than their spouse while still married. During a marriage, there are several factors that are taken into consideration when determining a combination score.
Some of these factors include the state in which they reside and whether or not they opened joint bank accounts. Some differences in credit scores depended on the reason for why the divorces occurred. Individuals whose credit scores dropped, ended their marriage for financial reasons. Other individuals whose credit scores increased, divorced for reasons other than finances.
It’s understandable that many people may want to save their marriage to keep their family together or even keep more money in their pockets. However, staying in a marriage with irreparable damages could prove more costly in the long run. Getting a divorce can not only give Texas spouses a peace of mind, but can potentially increase their credit scores. Before filing divorce papers, it’s important for soon-to-be ex-spouses to gain knowledge and understanding of applicable state laws surrounding divorce.
Source: MarketWatch, Want to boost your credit score? Get divorced, Christine Digangi, Feb. 13, 2014