if a divorce is seen as a "judgment" . . . .?

Question

if divorce is seen as a judgment . . . i know this may be seem stupid but . . . does it affect one's credit rating the same as a default in payment of a loan. you know what i mean right? i.e. does divorce adversely affect your credit??

Answer 1

By itself, no. However divorve often destroys the credit of both people.

Answer 2

A divorce decree is a legal document refered to as a "hold harmless' as it relates to division of property.
What this means is this:
Both of you have debts, some in both names, some in yours and some in his name only. A judge will determine by weight who is responsible UNDER the divorce decree to pay what bills. For example, you are responsible to pay those bills in your name only and half of the bills in both names. He is to pay his bills in his name only, and the other half in both names.
The "judgement" decree of divorce is not the document that appears in anyway, shape or form on your credit, but what does happen rather often is the reduction of combined income that creates the joint bills to become past due. This is where both of your credit is affected.
You must understand that just because the courts have found that you should be "held harmless" from HIS HALF of the JOINT DEBTS, the promissory note, or contract signed PRIOR to the divorce decree is not required, either by law, or by moral delagation to honor the court order. You, and your ex are held equally responsible until the debt is paid in full.
However, there is recourse for one or both of you. Example:
Your ex is responsible to make the car payment on the car you have been awarded in the divorce. The contract to buy the car was entered into 2yrs prior to the divorce. Your ex decides he can't or won't pay the car payment. The account is then past due and the lender calls you and wants you to pay. You tell them, no, my ex is the one ordered to pay in the divorce. They tell you, fine, ok, but you signed the contract therefore you still owe. If you pay to avoid repo, you can then file with the courts that your ex failed to "hold you harmless", which to simplify is contempt of court.
This applies to your ex as well, so to avoid any problems, if the debts your ex is to pay are joint, have your ex refinance the debts with a new lender in his name only. Your ex will probably request the same of you. This way, these previously joint debts will no longer affect either of your credit should one or the other default. This is the ONLY WAY to remove one of the joint debtors.
Hope this explains how this works...

Answer 3

the divorce judgement does not affect credit. however, in your divorce the judge divided the bills. if your ex spouse doesn't pay the share, it is possible the creditors will hold you responsible. this, down the road, will affect credit rating.

Answer 4

It sure does! Imagine being left with all the debt of the previous marriage. what if the ex-spouse doesn't pay there fair share? If you had any bills in both your names, you could get stuck in a bad situation if your ex does not pay their share. It doesn't matter to the credit agencies whether you are married anymore or not. If a bill had your name on it, it's yours to deal with.

Answer 5

yeah divorce can screw up your credit but not as much as a default loan you should be able to build up credit on your own pretty quickly

Answer 6

No, UNLESS you get behind in your support payments and judgment lien is filed. In most states, it is referred to as a divorced "decree" instead of a judgment. Many states try to use more neutral terms in divorce cases (i.e. petitioner & respondent instead of plaintiff & defendant)

Answer 7

I think it can. You probably should check with a credit counselor, or your attorney about this. Good luck.

Answer 8

i dont think it should affect your credit.