Divorce happens. And although, it’s not an easy topic to discuss, there are lasting implications that need to be brought to the forefront. In 2012 (the most recent data) 851,000 couples divorced which translates into roughly 1,702,000 personal finance accounts that needed special attention.

Once the emotional strain of divorce sets in, practical matters tend to fall by the wayside, but wondering how divorce could impact your credit is important to address. After all, you may have had joint accounts with your spouse for years, or even decades. And since all of your financial decisions have been intertwined for quite some time, you may not understand how to exit the situation, and the marriage, with your personal credit rating intact.

If you and your spouse have a history of using credit wisely, then you should have nothing to worry about. The divorce itself will have no impact on your credit rating, according to credit bureau, Experian. After all, your marital status isn’t reported on your credit report, nor is the dissolution of your marriage. However, you’re still not out of the clear. Since all joint accounts are reported on your individual credit report, any late payments or credit mismanagement on the part of your spouse could come back to haunt you. And, even if your debts are divided fairly and equitably within your divorce decree, creditors aren’t required to honor it. What this means is that you are solely and jointly responsible for any debts that are open in both of your names. Sounds scary, doesn’t it? Fortunately, it doesn’t have to be.

Separate lives, separate finances

If you’re ready to file for divorce, or the divorce proceedings have already started, there are steps you can take to protect your financial future and your credit rating. Start by educating yourself on your family’s financial matters. You need to gain a comprehensive view of your family’s assets and debts if you have any hope of reaching an agreement that is fair and equitable. Once you’re in the know, it’s important to hire an attorney that will represent your best interests. And, even though it’s tempting to DIY to save some cash, don’t. A qualified professional will protect your rights in ways that may not seem important until many years after the fact.

Once you’re informed and have hired an attorney, it’s crucial to close all joint accounts that you have with your spouse. That way, he or she cannot run up the bill, or neglect payments, and leave you holding the check. According to credit bureau Equifax, if a person has a FICO credit score of 780 and they are 30-day delinquent on paying their accounts, their credit score could drop as much as 110 points. That means a drop from excellent credit to average credit – after only one misstep. While going through the process of separating financial accounts, check your free credit score often for red flags.

Becoming financially independent

Once you’ve closed all joint accounts, you will need to open new accounts in your name only. This step is important because you’ll need to establish your own method for bill payment as well as continue building your personal credit rating through the responsible use of credit. Open your own checking account, savings account and credit card account. According to FICO, the age of your account history determines 15 percent of a credit score — if you don’t have any established credit, opening a new line of credit is a great way to start building your score. Warning: Don’t compound the issue by using your new credit card to go further into debt.

Freedom

Once the divorce proceedings are underway, it’s important to pay all of your personal bills on time. That way, you can begin building your own personal credit rating as you build your new life. And, if you’re going to get your own place, you’re going to need it. Yes, divorce is uncomfortable. Yes, it’s painful. However, your divorce doesn’t have to ruin your financial future. Taking some preventative measures ahead of time can make a world of difference when it comes to protecting your credit rating.