It’s better to talk to each other about how you’d like to sort out your joint money. Try to avoid closing joint accounts suddenly, leaving your ex-partner to find out later.
But it’s important to act quickly if you think your ex-partner could run up debts on joint accounts. That’s because if you have any joint loans or overdrafts, either of you could be asked to repay the full amount.
It’s also worth thinking about the effect that any joint debt could have on your credit rating. This is because a good credit score means you’re more likely to get cheaper deals when you’re applying for credit.
A reason to check your score is that you’ll be able to see how you’re ‘financially connected’. This is because when you open an account together, you’ll be ‘co-scored’ and your credit ratings will become linked.
You can check your credit score for free, and there are things you can do to improve it.