Did you know that your divorce may require you to split your marital debts as well as your assets? If you are in the process of pursuing the dissolution of a marriage in Massachusetts, you may be rightfully concerned about bankruptcy and divorce. The fact remains that you could find yourself in financial straits if your ex refuses to make payments that are mandated in the divorce decree; however, there are some steps you can take to protect yourself and your financial future.
First, you may be able to avoid bankruptcy and divorce by finding a quick way to pay off debts prior to breaking up. Cash and savings may be allotted to those debts before the divorce papers are actually approved. Many couples address their financial difficulties by using money from the sale of the family home to pay off existing debts.