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A survey of divorced consumers showed that people often saw their credit scores improve after a split, with nearly 30% reporting what they considered a significant jump. The Credit.com Divorce and Credit survey collected responses from 526 divorced adults of varying age, income level, educational background and location. While not nationally representative, the results offer an interesting look at how personal finances play into and change after a divorce.
About 40% of respondents said they had higher credit scores than their spouse when they were married (7% said lower, 26% said about the same), and 40% identified themselves as the person who managed the couple’s finances during marriage (34% said they did it together, 21% said it was mostly their spouse, and 6% said they stayed out of money matters).
People whose credit scores dropped after divorce were more likely to say finances contributed to the issues than those whose credit scores improved. Among those whose credit scores fell, 7% said finances were the primary factor in the breakup, as opposed to 4% in the group who saw a credit boost. Similarly, about 41% of people who saw increases said money had nothing to do with divorce, while only 32% in the other group said so.