Chandler Divorce Lawyer - Divorce and Debt
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Posted On :
Oct-28-2010
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Article Word Count :
517
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Debt is a major issue when it comes to divorce. When you have decided to go through with a divorce you want to get to know and manage your family debt. Because in Arizona, we’re a community property state. What that means is my spouse can go out and purchase anything he chooses to. I may or may not know about it. But at the time of the divorce, I’m going to be responsible for a fair amount of...
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Divorce and Debt
Debt is a major issue when it comes to divorce. When you have decided to go through with a divorce you want to get to know and manage your family debt. Because in Arizona, we’re a community property state. What that means is my spouse can go out and purchase anything he chooses to. I may or may not know about it. But at the time of the divorce, I’m going to be responsible for a fair amount of it.
So figure out exactly how much debt you have and figure out how you’re going to be prepared to pay it off. Whether that’s going to be a fair split, a 50/50 split, an equitable split based upon your incomes. Ultimately, you’re still going to have to pay it.
The allocation of marital debt among divorcing spouses is typically the most difficult thing to negotiate. Many people feel it’s unfair that I may have only a credit card debt of $5000, but my husband has a credit card debt of $15,000. As a result, add those two numbers together, coming up with $20,000 worth of debt, we’ll have to split it and I’ll now be responsible for $10,000. So consider the funds that you have and be realistic about your ability to pay off that debt.
If you have the time and you’re not in a hurry to get a divorce, then take the opportunity to start paying down some of that marital debt before filing divorce. The reason that I suggest this is because you can use your joint paychecks at that point. Consider cancelling credit cards if your spouse has a bad spending habit. Really what you want to be able to do, is minimize the financial damage that your spouse can do during the divorce.
Take stock of your debt, knowing how much there is, and what you need to get done is really important.
Finally, figure out what your spouse is earning. That’s also a big indicator of what kind of debt you have. Sometimes it’s really easy. You just need a paycheck stub. However, if your spouse is self-employed or owns a business or receives a portion of his or her income in cash, it makes it a lot more difficult to determine the amount of their income.
Another issue that comes up quite a bit is if your spouse is a business partner. You may need to talk to your CPA, talk to your accountant, talk to your bookkeeper to find out exactly what it is that your spouse is being paid. Figure out if your other business partners are aware of how much he is or she is being paid.
These are important things to find out during divorce. Your income--not only your income, but the income of your spouse--is going to have a big effect on your divorce. So take the time to answer these questions while you’re going through the divorce. It will make the information so much more important when your filing your divorce.
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Article Source :
http://www.articleseen.com/Article_Chandler Divorce Lawyer - Divorce and Debt_39768.aspx
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Author Resource :
To get additional information on your divorce options please visit our web site at http://cmthompsonlaw.com.
Christy Thompson, your Chandler Divorce Lawyer.
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Keywords :
chandler divorce lawyer, chandler divorce attorney, mesa divorce lawyer, mesa divorce attorney, chandler divorce law firm,
Category :
Society
:
Divorce
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