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(I have written another post as a continuation to this)
Life after divorce is not easy. All of a sudden you are left alone with issues such as children, money, career and home. Yeah…I know it can leave a person reeling. Matters can go even worse for you if your ex spouse is not paying off the joint accounts you once held together.

Being divorced does not mean that you are off the hook for any of the debts held by your ex-spouse. It’s pretty normal for the married couples to hold joint accounts. But what happens to these joint accounts when you are divorced. The accounts you held with your ex will be listed in your as well as your ex’s reports. You might be now thinking of the divorce decree that said that all the joint accounts have been assigned to your ex. But wait!!! The divorce decree is not concerned with the original contract that you and your ex had with the lender.

So, what happens when your spouse stops making payments on the accounts assigned to him or her in the decree? You have to come up with the full amount and it will be really hard for you and the things can turn ugly when you start getting behind on your payments. And late payments really hurt your report. Before your report is marred, try to convince your ex to put the accounts in his or her name. I know it won’t be a cake walk for you but still you have to do it. Or, you can consult an attorney and chalk out some plans so that one of you at least makes the minimum payments. So, sitting idle and just blaming your ex for ruining your credit won’t help. You have to do something!!!!

Technorati Tags: Credit report, Divorce, Divorce Decree