If you divorce, you may want to close joint accounts or accounts on which your former spouse was an authorized user. Or you may ask the creditor to convert these accounts to individual accounts in order to help protect your credit.

Any credit cards, installment loans or any other debt may be in both spouses names. If no payments are made or payments are late, it may affect both credit profiles, dropping your credit scores and hurting your ability to get a mortgage on the terms that you would want.

Instead of dividing assets and debts, it often makes more sense to sell assets to pay off debts, then divide the remaining assets. If you do not, the court will divide the debts, including credit cards, mortgages and car loans. The lenders are under no obligation to remove you from your ex-spouse's obligations. In fact, your ex-spouse may not qualify to refinance those obligations. Even after your divorce is final, you may find yourself tied to him or her financially for many years to come.