When people are confronted with the end of their marriage, they are also often faced with a number of practical and emotional issues to overcome. Not only must Massachusetts residents consider how their living situation may change but they have to also begin the difficult process of dividing assets. And given that debts are recognized as property to be distributed appropriately between divorcing parties, it’s important to accurately acknowledge and address debts.
One of the first things that people can do to eliminate concerns over the division of debts in divorce is to immediately begin the process of paying down and eliminating marital debts. Resolving joint debt issues before the divorce is finalized is recommended, since doing so can reduce potential financial issues and disputes in the future. Another thing that people should do early on in the divorce process is use up-to-date credit information to identify any and all personal and shared credit accounts. Once all accounts are recognized, decisions can be made over which party is responsible for paying them off.