Harrisonburg VA Divorce Attorney:How Divorce Impacts Your Credit
Harrisonburg Divorce Attorney:How Does Divorce Impact Your Credit ?
Families are portrayed from many different perspectives in today's society. From Mayberry to Al Bundy, from The Walton's to The Family Guy, the modern American family can take on many different shapes and sizes. When it is all said and done though, there are only two outcomes - a long-lasting forever marriage like the Cleavers, or the big D, Divorce.
The latter presents many different possibilities In Harrisonburg Virginia, all far more costly and painful than the first. While the decisions made at this time can be costly, one thing is for certain all decisions made without the facts are purely emotional and affect the lives of those around you.
I experienced this first-hand as a 7-year-old boy when my parents divorced. My parents did not fight and argue in front of my sister and me, nor did they speak disparagingly of each other. I was, however, made to choose whom I was going to live with, and my parents had to decide how they were going to divide their marital estate and live independently. My father moved out of our home, and paid child support, and my mother started a new independent life. My father was unable to afford a new residence and had to move in with my grandparents.
In the 1970s, a divorce was considered a simple procedure in Harrisonburg Va. The parties went to court and requested that the marriage be dissolved. The judge would decide who would have custody of the children, and the other party would pay the support. The marital property was divided equally as determined by the courts. Almost no consideration was given to the long-lasting affect this would have on both divisions of the family over the next 7-10 years.
Now enter the new millennium of divorces here in Harrisonburg Va. Credit is the (Holy Grail) golden nugget in an individual's life. Credit can determine what job you will be able to have, how much you pay for auto insurance, what interest rate you receive on a mortgage, your ability to rent an apartment, or whether you can qualify for a loan to send your child to college. In addition, the credit will affect virtually every major decision for the rest of your now-independent life, yet it can be easily ruined by a single emotional decision. Do I let my soon-to-be-ex-spouse keep the car, the house, or maybe they are court ordered to make the credit card payments?
I have spent 10 years working in the mortgage industry, and have encountered numerous people faced with the same decisions I had to face as a 23-year-old still serving in the U.S. military. They are decisions that are made to keep the peace, to try to be the civil person in the relationship. Maybe you are a mother who wants the bickering to cease, so you make a financial decision based on sheer emotion. Will decisions like these have permanent and costly consequences?
Permanent is not a consideration given by an individual going through a divorce. Marriage is supposed to be permanent, and you never imagined that you would be in this situation. Now we are finally realizing the long reaching effects of divorce. The division of a marriage was once perceived to be quantifiable, as evidenced by the many divorces granted in the United States since the inception of the no-fault divorce, and by the standard division of the marital estate. One party gets the house and is responsible for the payment, or one party keeps the car with the agreement that they continue to pay on time.
My client with a top secret clearance realized these consequences when his credit was ruined by a foreclosure that followed his divorce. He lost his high-level position in his government job because his bad credit no longer permitted him to maintain a high-level clearance. His ex-spouse had agreed to keep the marital residence and was ordered to pay the monthly mortgage payments, but she did not. Another client could not qualify to refinance the marital residence because her ex-husband had not continued to make his court-ordered automobile payments. She was a joint borrower on that auto loan and her credit was ruined by his numerous late payments.
When going through a divorce, it is important to seek advice from a professional who can assist you in uncovering the many different layers of your financial life. While Divorce attorneys in Harrisonburg Virginia have traditionally assisted people in litigating the division of the marital estate, today's credit- based and often credit-crunched society makes it necessary for you to go beyond your mom and dad's traditional divorce.
Credit cannot and should not be overlooked in the division of a marriage in Harrisonburg VA, but rather its consideration should be the norm. Your credit will affect many financial decisions in your life, and while time may heal the wounds caused by divorce and its effect on credit, ignoring ones credit at even the consideration of a divorce will cost you for years to come, and may immediately hinder you in starting over.
To Learn More Answers To Questions Like This, Visit Us Online at http://www.HarrisonburgDivorce.com and obtain a copy of your FREE Report
How To Survive A Divorce
Families are portrayed from many different perspectives in today's society. From Mayberry to Al Bundy, from The Walton's to The Family Guy, the modern American family can take on many different shapes and sizes. When it is all said and done though, there are only two outcomes - a long-lasting forever marriage like the Cleavers, or the big D, Divorce.
The latter presents many different possibilities In Harrisonburg Virginia, all far more costly and painful than the first. While the decisions made at this time can be costly, one thing is for certain all decisions made without the facts are purely emotional and affect the lives of those around you.
I experienced this first-hand as a 7-year-old boy when my parents divorced. My parents did not fight and argue in front of my sister and me, nor did they speak disparagingly of each other. I was, however, made to choose whom I was going to live with, and my parents had to decide how they were going to divide their marital estate and live independently. My father moved out of our home, and paid child support, and my mother started a new independent life. My father was unable to afford a new residence and had to move in with my grandparents.
In the 1970s, a divorce was considered a simple procedure in Harrisonburg Va. The parties went to court and requested that the marriage be dissolved. The judge would decide who would have custody of the children, and the other party would pay the support. The marital property was divided equally as determined by the courts. Almost no consideration was given to the long-lasting affect this would have on both divisions of the family over the next 7-10 years.
Now enter the new millennium of divorces here in Harrisonburg Va. Credit is the (Holy Grail) golden nugget in an individual's life. Credit can determine what job you will be able to have, how much you pay for auto insurance, what interest rate you receive on a mortgage, your ability to rent an apartment, or whether you can qualify for a loan to send your child to college. In addition, the credit will affect virtually every major decision for the rest of your now-independent life, yet it can be easily ruined by a single emotional decision. Do I let my soon-to-be-ex-spouse keep the car, the house, or maybe they are court ordered to make the credit card payments?
I have spent 10 years working in the mortgage industry, and have encountered numerous people faced with the same decisions I had to face as a 23-year-old still serving in the U.S. military. They are decisions that are made to keep the peace, to try to be the civil person in the relationship. Maybe you are a mother who wants the bickering to cease, so you make a financial decision based on sheer emotion. Will decisions like these have permanent and costly consequences?
Permanent is not a consideration given by an individual going through a divorce. Marriage is supposed to be permanent, and you never imagined that you would be in this situation. Now we are finally realizing the long reaching effects of divorce. The division of a marriage was once perceived to be quantifiable, as evidenced by the many divorces granted in the United States since the inception of the no-fault divorce, and by the standard division of the marital estate. One party gets the house and is responsible for the payment, or one party keeps the car with the agreement that they continue to pay on time.
My client with a top secret clearance realized these consequences when his credit was ruined by a foreclosure that followed his divorce. He lost his high-level position in his government job because his bad credit no longer permitted him to maintain a high-level clearance. His ex-spouse had agreed to keep the marital residence and was ordered to pay the monthly mortgage payments, but she did not. Another client could not qualify to refinance the marital residence because her ex-husband had not continued to make his court-ordered automobile payments. She was a joint borrower on that auto loan and her credit was ruined by his numerous late payments.
When going through a divorce, it is important to seek advice from a professional who can assist you in uncovering the many different layers of your financial life. While Divorce attorneys in Harrisonburg Virginia have traditionally assisted people in litigating the division of the marital estate, today's credit- based and often credit-crunched society makes it necessary for you to go beyond your mom and dad's traditional divorce.
Credit cannot and should not be overlooked in the division of a marriage in Harrisonburg VA, but rather its consideration should be the norm. Your credit will affect many financial decisions in your life, and while time may heal the wounds caused by divorce and its effect on credit, ignoring ones credit at even the consideration of a divorce will cost you for years to come, and may immediately hinder you in starting over.
To Learn More Answers To Questions Like This, Visit Us Online at http://www.HarrisonburgDivorce.com and obtain a copy of your FREE Report
How To Survive A Divorce