It is a sad - and scary - scenario that plays out across the U.S. on a regular basis: A recently divorced husband or wife approaches the cashier at a supermarket, gas station or other store seeking to pay for items with a credit card only to be informed that the card has been deactivated.

A frantic phone call to the credit card company later reveals that the card was deactivated because of the failure of the former spouse to make payments or because the former spouse maxed out the card.

Unfortunately, this scenario can have consequences beyond mere inconvenience.

In the aftermath of a divorce, a newly single person will need to develop their financial independence. However, bad credit developed thanks to the careless actions of a former spouse can seriously jeopardize this, making a mortgage/apartment, credit card, auto loan or insurance that much harder to secure.

Fortunately, you can take steps to safeguard your credit during the divorce process. Today's post - the first in a series - will outline some of these steps recommended by financial professionals.

Craft and stick to a budget

Experts recommend crafting a budget that accurately reflects your new situation - moving from a dual income household to a single-income household.

Firstly, experts recommend accounting for housing costs. However, this includes more than just a mortgage payment. You will also want to consider factoring in maintenance costs, homeowners' insurance and property taxes. Similarly, if you are renting, you will want to account for rent, as well as renters insurance and a security deposit.

Once you have these numbers in place, experts recommend factoring in your other obligations such as credit card payments, car payments, insurance, etc.

By doing this, you can have an accurate picture of your finances, knowing how much is available to pay off expenses and what cuts need to be made.

Get a clear picture of your credit

Once you have crafted a budget, financial experts recommend taking a good look at your lines of credit/credit card debt. This can typically be accomplished by requesting a copy of your credit report.

Here, you can determine whether an account is jointly held or whether your former spouse is an authorized user for the account (meaning they can access/use the account but are not considered legally responsible for any debt accrued).

This move will enable you to make the necessary adjustments such as removing a former spouse from the account or making sure payments are being made.

(Please note, Arizona is a community property state, which means that any debt acquired during the course of the marriage is considered jointly owned.)

To be continued ...

If you would like more information regarding dissolution of marriage or property division, you should strongly consider speaking with an experienced legal professional.

This post is provided for informational purposes only and is not to be construed as legal or financial advice.

Stay tuned for developments from our Phoenix divorce blog ...

Related Resources:

Fox Business "How to protect your credit during divorce" Aug. 10, 2011