When a married couple decides to part ways, they face emotional, monetary and credit concerns. While your spouse’s credit report may appear very similar to yours and share common information, each individual has his or her own credit report, married or not. However, your joint accounts appear on both credit reports. In the case of divorce, it’s best to pay off any existing balances on your joint accounts and close them.

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Divorce Decrees and Debt

A divorce decree is an agreement you and your ex-spouse have with the court. It outlines who agrees to pay existing debts, but it does not legally change the contracts you have with your lenders. In order to change any contracts, you need to speak directly with the lender. The lender then must agree to change the contact and remove your responsibility for the debt.

Until the lender agrees to change the account, you still share equal responsibility for the debt and it will not be removed from your credit report.

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