In an Illinois divorce, there is much more at risk than just assets accumulated before the divorce. The ability to move forward after the divorce may be jeopardized as many have reported that their credit scores took a large hit in the wake of the split. However, divorce itself does not automatically mean that credit is affected.
The difference between a stable credit score and one that plummets may lie in the actions that one takes to protect themselves during the divorce. The thing to do at the outset is to order credit reports to learn of the particular accounts that may pose a risk. In general, these are the joint accounts that give the other spouse the ability to run up debt. The best way to keep the credit score from becoming collateral damage in a divorce is to separate the accounts as soon as possible.
In addition, one should keep an open dialogue with their creditors to inform them of the situation. This may delay some of the impacts of the divorce if they are willing to exercise some forbearance. If the situation is a particular risk, one should consider placing a freeze on their credit in order to keep someone from opening up new credit accounts in their name. While this is a drastic option, it is sometimes necessary if there is a risk.
It is best if couples are able to agree on the separation of accounts and division of debt. A divorce attorney may help their client negotiate a solution that addresses these issues. It may require an adjustment to the terms of the divorce if one spouse is forced to accept a disproportionate amount of the debt. In the worst-case scenario, the attorney might seek some relief for their client from the court.