What happens to my debt if I get divorced in MA? Debts are treated as “negative” assets and are divided as part of an equitable division of property. This means that the court will consider the same factors in allocating debts as it does in allocating other assets. Any liability that is secured by an asset usually becomes the obligation of the person who receives the property. An example is that a mortgage is secured by real estate and usually becomes the obligation of the person who lives in the real estate. An auto loan usually becomes the obligation of the person who has use of the car. Credit card debt is usually unsecured debt and is part of the general division of assets. Although courts purport to assign liabilities in the same manner as they do assets, many divorce practitioners believe that the allocation of liabilities can be less predictable – and subject to greater variation on a case-by-case basis – than the division of assets in a typical divorce. #divorced #debt #assets #massachusettslaw #massachusettslawyers #lynchandowens
