Debt can be a sticking point during a marriage in Massachusetts, even driving the two parties apart, since they can’t seem to reconcile their differences regarding their finances. In the same way, debt can pose a major issue during a divorce. A couple of tips may help people who are dealing with issues such as the division of marital assets and debts during a divorce to walk away from the marriage as financially unscathed as possible.
If one spouse says that he or she will assume a particular debt, it’s not wise for the other spouse to simply assume that this will happen. Instead, it may help to move this debt to a new individual account via the balance transfer process. It may also be helpful to label this debt in the divorce settlement as a certain support obligation that cannot be discharged in bankruptcy. This keeps a person's ex from filing for bankruptcy in an effort to get rid of the debt, which leaves the other individual responsible for satisfying this debt from the creditor's viewpoint.