A divorce often signals a new beginning for individuals. Moving from "coupledom" back to the single life can mean new
homes and new mortgages after years of sharing the bucks.
So we decided to ask the experts: If my marriage is ending, how do I ensure my chance at solo home ownership is just beginning.
Every couple should keep an eye on their individual credit rating from the time they walk down the aisle, says Trish Hart, mortgage agent with Invis.
"You have to watch that credit rating. People often forget to make that minimum payment on the credit card and once a couple separates, a poor credit rating can make it very difficult to get a new mortgage," says Hart.
Often, especially in long marriages, the husband or wife may not have any credit which can pose a problem, adds Hart.
"If the husband is the breadwinner, the wife may not even have a sole credit card under her name. I think it's imperative to get a credit card under your name, even if it only has a $500 limit. Banks want to see some credit or a mortgage can be very difficult to obtain."
