Divorce and your credit: joint accounts

Why a divorce decree does not end your responsibility on joint accounts, and what to do about it.

The decree does not change the contract

A divorce decree can say who pays a debt, but the creditor is not bound by it. If both names are on an account, both people can still be held responsible and both credit reports can be affected.

Close or refinance joint accounts

Pay off and close joint cards, or refinance loans into one name. Ask creditors to freeze joint cards so no new charges can be added.

Remove authorized users

Remove a former spouse as an authorized user on your cards, and ask to be removed from theirs.

Watch your reports

Check all three reports for late payments on shared accounts, and build credit in your own name with individual accounts.