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Understanding Divorce Decrees and Their Impact on Your Finances

Ending a marriage can be a lengthy and costly process involving lawyers, court filings, and emotional negotiations. Once a divorce is finalized, both ex-spouses are subject to a divorce decree. This formalized agreement legally ends the marriage and outlines how finances, custody, and other key areas will be managed moving forward.

What Is a Divorce Decree?

A divorce decree is a legal document issued by a court that officially ends a marriage. Once signed by a judge, the divorcing individuals, and their attorneys, it serves as legal proof that the marriage is over. The decree includes terms on child support, spousal support, custody arrangements, name changes, and the division of marital assets and debts. It is legally binding and enforceable, meaning the court can take action if one party fails to comply with its terms.

Divorce Decree vs. Divorce Certificate

While a divorce decree is a detailed document outlining all aspects of the divorce, some states also issue a divorce certificate. This is a simplified version that serves as legal proof of the divorce without disclosing personal details. It includes basic information such as the names of the ex-spouses, the judge’s name, and the divorce date and location. To find out if a divorce certificate is available in your state, contact your state’s vital records office.

How Does a Divorce Decree Impact Debt?

A divorce decree typically specifies which partner is responsible for paying certain debts. However, it does not change your agreements with creditors. Both parties remain financially liable for joint debts, and these accounts will continue to appear on both credit reports. If your ex-spouse fails to make payments, it can negatively impact your credit score. In some cases, it may be best to pay the debt yourself and seek reimbursement through the court.

How to Get a Copy of Your Divorce Decree

After your divorce, you may need to provide a copy of your divorce decree to various businesses and government agencies. It’s advisable to obtain several certified copies from the court clerk’s office. If you were not present at the final hearing or need additional copies, contact the court clerk’s office in the county where you divorced. Some places allow you to request certified copies online, while others require an in-person visit.

Keep an Eye on Your Credit

While divorce itself does not directly impact your credit, it can have indirect effects. If you share joint loans or credit cards with your ex-spouse, their failure to make payments can hurt your credit score. To protect yourself, monitor your credit regularly. You can do this for free with Experian, which will notify you of any changes to your credit report.

For any mortgage-related needs, feel free to call O1ne Mortgage at 213-732-3074. Our team is here to assist you with confidence and expertise.

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