As many Virginia residents are aware, divorce can take a toll on your finances. If your spouse mismanaged money or failed to pay bills on time -- or if none of the accounts were in your name -- you might find yourself left with a lackluster credit rating through no fault of your own.

Unfortunately, the time after a divorce is just when you want to have a good credit score. You may be looking for a new home or car and need loans in order to make those purchases. So how do you begin to rebuild your credit? A recent news article offered some tips that may help you get a good start.

One of the most important things you can do is dissolve any joint credit responsibility you still have with your ex. Make sure the mortgage is only in one of your names, and do not keep joint credit cards. These steps can help ensure that you are only responsible for yourself and won't be responsible if your ex misses payments.

When rebuilding your credit score, it is vital that you make all of your payments on time. More than a third of your credit score is based on making timely payments, so making sure your track record is clean could do a lot to bolster your credit rating.

Finally, to start building new credit, try opening a secured credit card. This can be particularly helpful if your income is low or you have little credit history. With secured credit cards, the amount you put up in advance will be your credit limit. However, if you keep a low balance and make regular and on-time payments, if could really help your credit score.

While these are just a few of the ways to get your credit back on track after divorce, hopefully they provide a good launching point to creating a new financial life.

Source: Fox Business, "Square One: How to Build Credit After Divorce," Lynnette Khalfani-Cox, Jan. 25, 2011