The Impact of Divorce on Your Credit Score

How Divorce Affects Credit Scores

How Divorce Affects Credit Scores

The Impact of Separating Joint Accounts and Debts

When a couple decides to divorce, one of the first financial actions is the separation of joint accounts, including bank accounts and credit cards. In Ontario, any debts accrued jointly are the responsibility of both parties. This means that even after a divorce, individuals could still be held accountable for any joint debt. If one party fails to pay a joint debt, such as a credit card or a mortgage, it can negatively impact both individuals’ credit scores.