Indeed. Notify creditors of the impending divorce and request that they close joint credit accounts and reopen new individual accounts (if desired) in each spouse's name (if qualified). Doing this will prevent someone from being responsible for debts incurred if a soon-to-be ex-spouse goes on a future spending spree. Of course, both parties are still liable for payments toward any existing outstanding balances. We would like your feedback on this Personal Finance Frequently Asked Question.

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