If the possiblily of divorce becomes a reality, you'll want to ratchet up your credit-protection action. At this point, separting your financial services to your best ability is important. 5 Steps.
#1 After informing your other half that you will be closing joint accounts, send a letter to each joint creditor asking that account be closed to any new activity. Closing the accounts protects you. Telling the other person in advance allows them to make other plans and is the decent things to do. Just don't wait too long to send the letter.
#2 Attempt to come to an agreement about how accounts will be paid and who will be responsilble for making the payments. If you can't reach an agreement, make the minimum payments yourself rather than let your credit deteriorate. You can always recoup the money in a reconcilation or diviorce settlement-just keep track of what you're paying.
#3 If possible,transfer the balnces on closed joint accounts to individual accounts. Consider including this as a stipulation in your divorice decree with specific amounts assigned to each person.
#4 Establish credit independently ASAP! Start small and build up gradually if you have to. If your credit is damaged already, start with a credit card that has a small credit limit, perhaps from a local department store, gas station, or credit union.
#5 Check your credit more frequently than normal. Consider subcribing to a credit monitoring service offered by the credit bureaus in order to be notified immediately of key changes in your credit report, such as late payments or new accounts being added.