A divorce decree is an agreement between you, your spouse and the court as to who will take responsibility for a debt or an account. One of the most common misunderstanding is that this leads to is that people presume that they have been forgone the responsibility for the loan and it will be taken of their credit report. However, this is not the case. Whether or not you can be absolved of the responsibility of the loan altogether depends on the lender. You will need to change the contract that you had put the lender and have him agreed to remove you from the account.
Till the time that this happens the joint account will continue to be reported to both your credit histories and both of you will be responsible for making payments on it. Any late payment or delinquency that actors will impact both the credit reports and damage the credit rating of both the people. Only the lender can agree to alter the original contract so that you are no longer responsible for the debt. Something like this can come back to haunt you even years after the divorce. If you do not have the account report from a credit report by negotiating with the lender then any late payments that might occur years down the line may still affect your credit report. Worse, if the account is passed on to a collections agency in the future the collection agency might decide to come after you.
Apart from negotiating with the lender to have your name removed from it you can work together with the ex-spouse in order to pay it off and close it, if such a measure is possible. Doing this will not remove the account immediately from your credit report but will eliminate the risk of the account influencing your credit score negatively in the future.