Anyone who has decided to end their marriage knows that it can have far-reaching and lasting effects on a person's life. Minnesota residents who have gone through a divorce may have experienced emotional swings, feelings of guilt toward their minor children or general struggles with stress. While these are common side effects of divorce, the process can also come with some other unintended consequences that are less obvious.
A lack of access to consumer credit is one such problem that can result from divorce. In many marriages only one spouse handles the bulk of the family's finances. That spouse is usually the primary earner and their income allows the family to access credit lines for big expenses like a home or automobile purchase. This means that the other spouse often does little to establish or maintain credit in their own name.
