Divorcing? Get Your Credit Report

Starting the initial steps of a divorce can feel overwhelming. You may be unsure what processes to prioritize or how to set yourself up for success. One step you can take now is requesting a copy of your credit report. 

This can aid you in your next steps as you start to move forward financially after the property division process. 

Why Do You Need Your Credit Report? 

Your credit report offers a summary of your credit activity, including loans and other debts. It includes information such as your:

  • Bill payment history
  • Bankruptcy history
  • Loans
  • Current debts

When you apply for loans or other financial opportunities, the financial institution will view your report to determine your trustworthiness and eligibility. If you have a significant amount of debt or a history of late payments, it may deny your application. 

Requesting a copy of your report can help you prepare for certain financial processes in your divorce, such as refinancing your mortgage or applying for an apartment rental. If this report paints a negative picture of your finances, you can start taking steps now to improve your credit or explore other opportunities that won’t hinge on your creditworthiness. 

You can also identify any hidden debts or assets that will eventually come to light during the marital dissolution process. If you find any discrepancies in your report, potentially indicating malicious behavior from your spouse, you can address them now. 

Protecting Your Credit During and After Divorce

Divorce can have indirect consequences on your credit score, which could limit future financial opportunities. Years of marriage and combined finances can be challenging to untangle. These tips may help you protect your credit during the divorce process:

  • Keep an eye on your report. Free copies are available online, allowing you to quickly identify any changes or issues. 
  • Close credit cards and pay off loans wherever possible. 
  • Change the account numbers on the remaining accounts so your spouse does not accidentally or maliciously use them. 
  • Put a lock on your credit so your spouse cannot open any new accounts under your name. 

If your score is on the lower side, take steps now to begin building credit. You might apply for a secured credit card, practice making bill payments on time, and reach out to a credit counselor for help. 

How To Request a Copy of Your Credit Report 

You should never need to pay for a copy of your credit report. You can request a free report as often as once per week through AnnualCreditReport.com, a service authorized by federal law. 

You will need to answer a few personal questions before you can see your reports. This ensures that no one else can access your information aside from you. 

Let Karen Ann Ulmer, P.C., Help You Protect Your Finances During Divorce

Legal separation and divorce can strain your finances. At Karen Ann Ulmer, P.C., we help clients protect their rights while divorcing. Let us guide you through the settlement agreement, divorce petition, alimony discussions, and more. Call (866) 349-4149 to schedule a general consultation.

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What You Need To Know About Lengthy Court Battles in Divorce

If you and your soon-to-be-ex-spouse cannot reach agreements about issues like asset division, child custody, or spousal support on your own, you may need to go to trial. A judge will decide these issues for you based on Pennsylvania’s laws, attempting to reach a fair decision. We understand if you fear the lengthy court battles and stressful debates that can be part of this process. 

Here is what you need to know about going to court in a divorce. 

How Long Is the Divorce Court Process? 

If you and your spouse must use litigation to decide on divorce issues, you can generally expect the process to take about a year. It may be faster or slower, depending on court delays and how long you spend negotiating. 

The process generally follows these steps: 

  1. Evidence discovery, where you and your spouse both disclose finances and other relevant information
  2. Trial preparation and pre-trial conferences
  3. Motion hearings if either party seeks a specific court order or action 
  4. Trial, where both parties present evidence and witnesses to support their requests for custody or other issues
  5. Final judgment and divorce decree from the judge

Downsides of Going to Court

For some divorcing couples, going to trial is inevitable. They have tried to settle relevant matters on their own but cannot reach an agreement. Still, it’s worth exploring the potential downsides of going to trial as you and your soon-to-be-ex-spouse attempt to reach a resolution. 

Legal fees, court costs, and other expenses often make going to trial expensive. This process also takes more time than reaching a divorce agreement on your own. 

During negotiations with your spouse, they can claim rights to any new money you earn. These claims can cost you more time and money, even if they are unfounded. Your finances may not truly be separate from theirs until the divorce is finalized. 

Above all, going to trial means you permit a judge to make all decisions about the divorce for you, and you and your spouse must abide by them. While you can attempt to prove your side with evidence and an attorney’s assistance, you won’t have any say in the judge’s final decision, and it may not adequately reflect your wishes or situation. 

Mediation May Help You Avoid Court 

Divorce attorneys typically advise couples to try mediation before enduring lengthy court battles. This process involves meeting with a trained mediator who can help you resolve your dispute. You and your spouse will each have an opportunity to present your case and negotiate a mutually beneficial solution. 

Finding out the downsides of going to court may prompt you and your spouse to be willing to compromise on issues to avoid this process. Mediation is worth a try, as it could save you a significant amount of time and money. 

Let Karen Ann Ulmer, P.C., Guide Your Divorce Process

Whether you want to try mediation or need an experienced attorney to help you through a lengthy court battle, Karen Ann Ulmer, P.C., is here for you. Call (866) 349-4149 to schedule a general consultation. 

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Adapting the Parenting Plan As Children Age

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When you and your spouse divorced, you created a parenting plan that met your children’s needs at the time. But schedules and priorities never stay the same. Adapting the parenting plan as children age can ensure that it meets their needs now and fits with your family’s Bucks County lifestyle. 

Understand That Children’s Schedules and Needs Change

Perhaps you divorced when your children were young, and now they are entering middle school or high school. What made sense for your family at the time of your split may no longer fit these evolving needs. 

Maybe one child is into sports, while another is involved in several clubs or extracurriculars. Perhaps one child attends a different school now or seriously practices an instrument. Equally dividing their time between both parents may not be realistic with these new schedules. Remember that the goal of a co-parenting agreement is doing what is best for the child, not for the parents. 

Sit Down and Talk With Your Children 

Now that your children are older, they should have more of a say in their visitation schedule. Sit down together with your ex-spouse and children and have an open discussion about what the custody arrangement should look like now. 

Ask each child individually whether they have any preferences about the schedule, and take their opinions seriously. They don’t need to have the final say, but the custody arrangement should reflect their wishes as much as possible. They may have more insight into what schedule makes sense than you and their other parent do. 

Be Realistic About Their Best Interests 

It may be challenging to realize that your children should spend more time with your spouse than with you. Try to be realistic when adapting the parenting plan as they age. Even if they previously went back and forth every week, this may no longer make sense for their schedules and needs. 

Not seeing them as often doesn’t mean you are any less of a parent or an influence in their lives. Remember that children naturally need their parents less the older they get. Physical custody doesn’t need to significantly impact their relationship with you. 

Be Flexible and Prioritize Good Communication 

Keep in mind that whatever you decide about the parenting plan now may only last for a year or two before you need to change it again. Be open to adapting it as needed and communicate with your ex-spouse regularly about what makes sense for your shared children moving forward.

Acting with hostility toward your ex-spouse will only drive a wedge between you and your children. Instead, maintain a mature mindset and show that you value their opinions.

Give Karen Ann Ulmer, P.C., a Call If You Need Assistance

If you need help adjusting your parenting plan as children age, changing your child support agreement, or updating any other aspects of your legal custody arrangement, our attorneys can advise you. Contact Karen Ann Ulmer, P.C., today at (866) 349-4149 to book a consultation.

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First Steps in Dividing Assets in Your PA Divorce

Dividing assets in a divorce is often one of the more stressful steps of the process. Pennsylvania follows an equitable distribution policy, meaning the courts attempt to divide a divorcing couple’s assets fairly between them. This is often easier said than done. 

Following these initial steps can help you begin to separate property from your spouse and start moving forward financially. 

Pinpoint the Date of Separation 

What day did you and your spouse separate and/or begin the divorce process? Write down this date. This will help you determine which assets and debts are considered community property or marital assets and which are separate. 

The assets you acquire after the date of separation could be considered separate property. This date is also important in determining the length of the marriage and the start date for spousal support or child support, if applicable. 

Close All Joint Bank Accounts and Open Your Own

Begin by opening your own separate bank account and start putting your paychecks and other income into it. This will allow you to begin accruing your own money that is completely separate from your spouse. Furthermore, you won’t have to worry about accidentally stealing from their share of the funds when you begin paying legal fees or other associated expenses from the divorce. 

Eventually, you will want to close any joint bank accounts that you share with your spouse. However, in the beginning, you may want to keep a joint account open from which you can pay household and other shared bills until you decide who will be responsible for paying which bills.

Close All Credit Cards and Examine Your Debt

Next, contact your credit card companies and close any shared accounts as well. Open your own credit cards that are solely in your name. 

If any of your shared credit cards are in the red, talk to your attorney about how to proceed. Along with dividing assets in a divorce, you must divide shared debts fairly. 

Hold On to Pensions and Brokerage Accounts for Now

You may assume that the next step should be to divide pensions or brokerage accounts between you. Instead, hold off on this until you have spoken with your attorney. You may need a qualified domestic relations order (QDRO) to gain permission to divide the accounts between you. 

Talk to Your Mortgage Broker About Keeping the House 

You may also assume that you will keep the house and that your spouse will find somewhere else to live. While this might be your preference, it isn’t always doable. You should speak with your mortgage broker about the requirements to maintain the mortgage on your own. 

If you cannot afford the mortgage based on your finances, you may need to sell the house as part of the property division agreement. Alternatively, perhaps you could sacrifice other assets to keep the house. 

Let Karen Ann Ulmer, P.C., Assist in Your Asset Division 

Dividing assets in a divorce may feel overwhelming, but our attorneys are here to guide you through this process. We can help with asset valuation and maintain your right to equitable distribution. Contact Karen Ann Ulmer, P.C., today at (866) 349-4149 to book a confidential consultation.

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