If you and your soon to be ex-spouse have good credit, you should take the following steps.
Close all joint accounts. If your name is still on the account, you are legally responsible for any new debts your ex-spouse runs up. It does not matter if the divorce agreement states that the account in question is solely your spouse’s responsibility. You are still legally liable. Plus, if your ex-spouse is late in making payments, it will adversely affect your credit report, even if the debt resulted solely from your spouse’s actions.
Ask creditors to transfer balances to individual accounts. If you have a balance and cannot pay it off before the divorce, write the creditor. Ask that the account be closed and the balance be transferred into an individual account of the spouse who agrees to be responsible for that particular debt.
Warning: Sometimes divorce agreements stipulate that joint accounts may be maintained. As long as your ex-spouse remains on your account, you will be liable for his or her future debts. If you can, avoid any divorce agreement that requires you to maintain joint accounts. Only maintain joint accounts on the advice of your attorney.
If You Have No Credit
If you are an authorized-user on your spouse’s account, you may have no credit history of your own. This could make it difficult to obtain credit during a time when you are financially vulnerable. The first thing to do is confirm that you have no credit history by requesting a copy of your credit report from the three major credit bureaus. You can get a free annual credit report from each of the three leading credit bureaus from www.annualcreditreport.com.
