If you are planning to get a divorce, expect this to change all aspects of your life. One of the major disruptions in a divorce is your property rights and ability to control your assets or liabilities. In Massachusetts, you and your spouse have an equitable share of your marital property following a divorce. But the division may not be 50/50. But what happens to the marital debt?
As with marital property, shared debts in the state should also be divided. While family courts want to set both divorcing spouses on equal financial footing, it can be hard to understand how a debt may alter your situation. To better understand how marital debt may impact your family’s financial future, contact a Turco Legal, P.C. divorce attorney who can help you create creative solutions.
Kinds of Debt Accrued Couples Can Accumulate
During your marriage, you and your spouse can accumulate debts such as medical bills, personal loans, credit card debts, mortgages, car payments, and student loans. Even if a debt is named to your spouse, you are involved in such liabilities under family law. The only exception is if the debt was accrued before your marriage.
How Debts Are Allocated
Generally, all property accumulated by a couple during their marriage is equally owned. But family courts still take into account many factors when they divide marital property. These factors include the length of the marriage, each spouse’s ability to earn an income after the divorce, and the spousal support amount that may be ordered. While it can be hard to understand how much shared debt you can deal with after your divorce, your divorce attorney can help you make important determinations, ensuring your best interests are protected.
Fighting for a Fair Future
Since all marital debts are often divided equitably between spouses, a judge may allocate some of these debts to you. This debt can include car payments, mortgage payments, credit card debts, and medical bills. But your lawyer can work hard to help you reduce the debt to walk away with. Also, they will help you as you prepare for your financial future.
If there are debts in your marriage, you and your spouse should fully disclose these debts to each other. You should work together to reach a mutually beneficial agreement regarding how to split debts. If you cannot reach an agreement, then you must bring your case to court. often, asking a family judge to decide this matter is more time-consuming and more expensive.
