Many divorcing couples have co-mingled their financial and
credit accounts, which can impact your credit score after the divorce. If you
are considering a divorce, you should take a full inventory of all of your joint
accounts including any real estate holdings, credit cards, or bank accounts, so
that you can work with your attorney to sort through them, and figure out who
may have responsibility for them and other bills after a divorce.
You may also want to consider removing one spouse’s name
from a joint credit card, or closing joint credit card accounts
altogether. However, you should consult
with an attorney before taking this step.
If your divorce decree specifies who is responsible for
accounts that were opened during the marriage, you should still be aware of
what those accounts are so that you can also notify the lenders or financial
institutions of your divorce.
“If the spouse responsible under the divorce decree is
unable or unwilling to pay and the contract has not been changed by the lender,
the late payments still will appear on both credit reports and will have a
negative impact on credit scores for both individuals,” according to an
Experian expert response.
To read more about what you can do to protect your credit, read
this.
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