Roncone Law Offices, P.C.
Call Our Attorneys:
978-401-0825 | 877-261-4389
Menu Contact

Massachusetts property division: Dealing with credit card debt

When discussing how to divide property in a divorce, most people talk about the house, sentimental items and bank accounts. The property division phase of the divorce process does not just deal with these assets, though. For divorcing couples in Massachusetts and elsewhere, what to do with credit card and any other debts must also be addressed.

Many families across the country have some level of credit card debt. While some may be able to get out of it in a relatively short period of time, others may literally be drowning in debt. When a couple gets divorced, who is responsible for this debt?

A few things will be looked at before deciding how much of the debt will be the responsibility of each party. If the debt is only listed under one spouse's name, that spouse will generally be considered responsible to repay what is owed. If the debt is on shared accounts, however, both spouses may be held equally accountable. This is why it is advisable to pay off all joint debts before going through the divorce process. However, it is understandable that this is not always an option.

When joint credit card debt is divided between the parties in a divorce, there are options for dealing with the debt and closing joint accounts. Failing to appropriately deal with joint accounts may only hurt the credit of one or both parties in the future. With the assistance of legal counsel, financial advisors and other professionals, couples in Massachusetts who have shared debts can make all of the necessary property division arrangements needed to deal with the debt and move forward after divorce free from any negative financial ties to their former spouses.

Source: creditcards.com, "Dividing credit card debt in divorce", Amy E. Buttell, Accessed on June 23, 2016

No Comments

Leave a comment
Comment Information

What Clients and Peers Are Saying ...

"Please take my word for it, this is the attorney that you want on your side and certainly not the one that you want against you.”

Email Us For A Response

Contact Us For A Free Initial Phone Consultation

Tell us about the type of case you are faced with. We'll tell you how we can help. Call us at 877-261-4389 or send us an e-mail to speak with a Leominster and Worcester area personal injury attorney, family law, or criminal defense lawyer today.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Roncone Law Offices, P.C.

142 Main Street
Leominster, MA 01453

Toll Free: 877-261-4389
Phone: 978-401-0825
Fax: 978-840-6000
Map & Directions