Divorce can cause your credit score to plummet. Take these 4 credit steps beforehand, experts say.
, tells CNBC Select. Since you both could be on the hook for one person's spending, Muscadin suggests closing out all joint accounts rather than splitting up who is responsible for which ones.
Afterward, you'll want to follow up by checking your credit report to ensure the account is longer reported. Note that you and your partner's credit scores may have a temporary dip from closing the joint credit card, but your score will likely go back up once you open a new card and make consistent on-time payments.
Your credit card issuer or lender will want to know the change in you and your partner's marital status, so they should be one of the first calls you make when getting your credit in order. And if you don't think your partner will follow through on their half of the balance, you can always pay it off in full and close the account just for your own peace of mind, says Muscadin.
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