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Dividing debts and assets amid the turmoil of divorce

The end of a marriage does not have to shrouded in divisiveness or cause financial problems for those involved. In the state of Arizona, divorce can definitely be an expensive experience. Fortunately, there is help available and there are certain ways couples can divide money and assets to minimize financial turmoil amid a divorce. As always, complications will arise. However, if couples are willing to work together, they can make wise decisions so that both parties can come through a divorce without financially damaging themselves and their estates.

In some divorces, couples will split debt, and with others there are assets to divide. Although couples may initially try to be fair when dividing assets, as the process continues, each party may have differing opinions when it comes to what's fair or important to them. When dividing debt and/or assets, the first step should be to list all debts and assets.

When dividing debt, couples first need to first determine who owns the debt. Things such as school loans should be listed as individual debt and not communal debt. Dividing and listing assets can be tricky. Couples must first determine what assets each brought into the marriage and have a value on all listed assets.

Things on the asset list such as the family home may be more difficult to divide, and when children are involved, the custodial parent will usually want to keep the home. However, it is a not a good idea to keep the house if the party keeping the home has to rely on child support to make mortgage payments. In this case, selling the home may be a good option. Retirement assets may be tougher to negotiate, because not all retirement assets can be divided. 

Dividing assets and debt can definitely be a confusing and taxing experience. Couples may be questioning what they can and can't take with them amid a split. Open communication is always beneficial, and fortunately, there is help available. Couples considering divorce in the state of Arizona could benefit from seeking the services of an experienced attorney to help guide them through this difficult time in their lives.

Source: CBS Boston, "Breaking Up Is Hard To Do: Are You Splitting Assets Or Debt?", Dee Lee, Aug. 29, 2017

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Reppucci & Roeder Attorneys at Law | 5727 N. 7th Street, Ste. 205, Phoenix, Arizona 85014 Phone: (480) 900-5538 Map & Directions
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