I recently ran across an article in the LA Times about the importance of closing joint accounts before a divorce is final. It is extremely important, but remember that there ARE ways to prevent this type of credit damage after a divorce if the account wasn't closed.

End joint finances in divorce
by Liz Pulliam Weston

Dear Liz: My ex got the house in our divorce settlement. I was told that he was not required to refinance, so of course the loan is still in my name as well. He makes late payments with depressing regularity. This is reflected on my credit score. Do I have any recourse?

Answer:Sadly, not much. As long as your name is on the loan, the late payments will show up on your credit reports and affect your credit scores. That will remain true until he sells the house, refinances the loan or -- heaven forbid -- loses the house to foreclosure...

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