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Establishing independent credit before divorce may be beneficial

For a stay at home parent, the financial consequences of a divorce can be particularly difficult to handle. Besides the cost of the divorce proceedings, reacquiring steady income after a prolonged hiatus from the workplace can be challenging for anyone, with or without children. While some people may have a period of financial security provided by accumulated savings, those who became financially dependent on their spouse may need to take steps to guarantee their financial wellbeing.

While the prospect of regaining economic security may seem daunting, there are some steps a stay-at-home parent can take to ensure the divorce transition goes more smoothly. Individuals considering divorce may also want to look into steps that can be taken to increase their own financial security. Stay-at-home parents may find it easier to establish credit in their own name as a result of new changes to the CARD act, allowing a spouses income to count towards the creation of a new line of credit.

Unfortunately, not all individuals see their divorces coming. Some are taken by surprise, an unforeseen change in circumstances which leaves them with little time or even the desire to become financially independent. In these instances, it becomes crucially important for the financially dependent spouse to consider their alimony needs and to gather information related to this issue. If applicable, it is also important to gather information to support a claim for child support payments.

Alimony payments can provide individuals who were financially dependent on their spouse with the financial peace of mind to continue living their lives until financial security can be fully regained. While this is oftentimes a long term project, those who remain focused and determined can overcome the difficulty.

Source: Forbes, "Good News For Divorcing Women: Credit Reform, Reformed!" Jeff Landers, May 7, 2013

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