When a couple in Arizona is going through a divorce, it can be very easy for either soon-to-be ex-spouse to focus on one particular issue, such as child custody or alimony. It is pretty much common knowledge that property will be divided between the couple in the divorce, so some people pay less attention to this topic. However, our readers would be doing so to their own detriment. Why? Well, it’s because property division includes not only splitting up assets, but debt as well.
Many people can be forgiven if they go into the divorce process only thinking about what assets they are going to come out with: carefully built retirement accounts, valuable artwork, the family home or vehicles. But, overlooking the impact of splitting up the family debt in a divorce can be a big mistake. While it is common for a couple to come into a relationship with separate debt and then accumulate more during the marriage, that doesn’t mean that you should assume that the debt burdens will be split up the way you think they will be.
There are many different types of debt that will come into play in a divorce in Arizona: a mortgage, car loans, credit card and student loans, among others. It is crucial to make sure that your approach to the asset and debt division process takes into account both the “black” and “red” ink you will walk away with.
At our law firm, we understand that many people will have more questions than answers when it comes to asset and debt division in a divorce. We do our best to make sure that our clients have the information they need to make the right decisions. For more information, please visit the property and debt division section of our law firm’s website.