When couples talk about division during divorce, they talk about property and asset division. How can you divide your home or the wealth you accumulate during your marriage. An equally complex division, however, includes your debt.
According to Experian, your debt during your divorce may remain shared following the split.
Dividing Debt
Dividing debt may be complex for some couples. If you have a credit card or loan that you or your spouse took out before the marriage, it belongs only to that person. However, if you have joint accounts, you may consider dividing the debt. Your divorce decree can enforce who should pay the credit card or loan payment. When it comes to most credit cards, you cannot remove yourself from the account. Instead, you have to decide with your former spouse to handle the bills.
Paying off debt
If you and your former spouse had both of your names on a credit card account, you may still be responsible to the lender, regardless of your divorce decree. You may need to keep track of the payments on the card to ensure your former spouse pays the bill if you determine he or she should handle that specific bill every month. Any missed payments can reflect on both credit scores. If you have accounts in your name, you may want to check with your creditors to remove your spouse as a user of your accounts.
When it comes to your credit score, stay on top of your credit report to ensure you both uphold your obligations after the divorce.