When couples separate and divorce, financial concerns may take
priority, but credit concerns are also important.
Joint accounts are more permanent than marriage. Creditors do
not automatically separate joint accounts when couples divorce.
Even if your ex-spouse agrees to take responsibility for payments
on a joint account, if he or she does not make the payments, the
creditor may come to you for payment.
In a separation or divorce, it is a wise idea to negotiate the
closing of all joint accounts. Creditors are not allowed to cancel
credit accounts because your marital status changes. If the credit
was based upon your ex-spouse's income, you may be asked to reapply.
Creditors want to give you a chance to prove your credit worthiness.
It is always a good idea to check your credit report for accuracy
every year or two. Approximately one year following a divorce,
checking your credit report will assure that accounts have been
closed and that your ex-spouse's individual account information
does not appear on your credit report.
