The Credit Scoop

All your ex’s stuff is out of the house, the divorce is finalized and you are basking in your new independence. But your divorce decree has your ex responsible for the Visa card and part of the mortgage you once held together. Your ex may seem gone, but the divorce decree means nothing to a creditor or the credit reports.

The judge said your ex had to pay the Visa, but what if those payments are late? Any late payments will go on your credit report. In fact that goes for any account you held jointly during your marriage. When the lender gave you the funds, when you signed the dotted line, they did not care if you were married, domestic partners, business partners or friends. They gave you the account because you both applied for it.

The only way to protect your credit with a divorce is have your ex pay off the account. If that is not a financial possibility, try getting your name taken off the account. Creditors sometimes require reapplying for the same account or establishing a new account with a balance transfer.

In the end, make sure any and all joint accounts that have a zero balance and are closed at the time of your divorce. That way there’s no possibility of you being responsible for any new debt your ex accrues and you do not have to worry how he pays his bills anymore!