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Divorce requires numerous financial decisions

On Behalf of | Aug 11, 2016 | Divorce

When Arizona couples get a divorce, each person must make decisions about finances that could have long-term effects. If one of the spouses did not handle the money, then financial experts recommend that they get as much information as they can about the status of their marital finances.

A person, especially one who did not see financial records during the marriage, should obtain a credit report as soon as possible. The information could reveal that the other spouse opened lines of credit in the person’s name and accumulated debt. Debts, as well as assets, get divided in a divorce unless negotiations designate other terms. Before agreeing to a divorce settlement, a person should know that it addresses all debts. Otherwise, the person could be saddled with unforeseen financial obligations.

The decision to keep or sell a house frequently arises. One person might offer to let the other ex-spouse have the house. If no mortgage is owed, then this could appear to be a tempting offer. However, a home in need of repairs or a large home with high utility costs could burden a person during the transition to single income.

Someone confronted by difficult choices like these could consult an attorney. A divorce attorney could inform the client about important factors, such as spousal support and retirement benefits. Questions about asset division and numerous other divorce legal issues could be answered by an attorney. Negotiations with the other party might also be conducted by the attorney. This effort could insulate the client from emotional interactions. Decisions might then be made with a calculated focus on the future instead of the pain and distress of the past and present.