The short answer is – You’re still on the hook. The delegation of responsibility for debt obligations on credit cards, mortgages, car loans, taxes and other personal debts within a Divorce Decree is not binding on third party creditors, banks or lending institutions. Furthermore, even post-divorce obligations that are being paid and remain completely current will weigh heavily on your future debt-to-income ratio. This will affect your credit score and any ability to properly apply for needed credit or loans at competitive rates long into the future.
Make sure all joint obligations are addressed prior to any divorce action. Be sure to fully separate all joint debts completely prior to the completion of any divorce proceeding. Be certain to legally separate all financial obligations directly with each creditor. Don’t rely on the delegation of responsibilities in your Divorce Decree – It won’t protect you, your future, or your credit score. Compile a complete list and obtain all three credit reports to understand all your joint obligations before completing any divorce proceeding.