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Step 1
The first major tip is to shut off the tap before the divorce is final. Pay off all accounts that are current that you and your spouse can while you a still married. Then closed them out.
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Step 2
Don't forget that you might have paid some accounts off years ago, but these remain open in both of your names. Gather all old credit reports from the three major credit reporting agencies, Experian, Equifax and Trans Union. Make a list of all accounts listed as "open." You will need to call those creditors and close them account. If not the other spouse could later on reopen that account and you would we liable for the new account, too.
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Step 3
Freeze all accounts that you can't pay off. This is better because if the ex-spouse get the responsibility to pay this account in the divorce it will be easier to transfer that balance to a card in his name only.
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Step 4
In a couple of months after the divorce, request your credit reports again for review and make sure they are frozen. If you see activity on the cards, contact the creditor promptly.
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Step 5
Sell assets to clear the debit. If you don't want to sell, then refinance in the other person's name only. If their credit is good it will put the debt in their name and relieve you of the responsibility.
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Step 6
If you let the loan stay in both names and the ex is staying in the house. Make sure that the lawyer set it up where both of you has access to find out information on the loan. Set up Internet access to that account and monitor it monthly.
The main thing to remember is to never remove your name off the title.
