Schedule A Free Consultation
Law Office of Katherine Kraus PLLC

Best Attorney
in Peoria!!!

Avvo Client Review

5 Stars

Financial issues and divorce

Arizona residents who are considering getting a divorce may be concerned with how the process may affect their financial affairs. Instead of allowing the issue to cause them significant stress, divorcing individuals should take the important step of focusing on their finances, particularly their assets, income, liabilities and expenses.

The spouse who maintains ownership of the home will generally be expected to make mortgage payments and be responsible for any other debt that is associated with the property. However, because a divorce decree does not supersede individuals' obligations to their creditors, both spouses will still have a legal responsibility to the creditor.

If there are credit cards, it is important that both spouses know how much is owed on the cards. If one spouse has charging privileges on a card belonging to the other spouse, the issue of whether those charging privileges should be revoked will have to be addressed.

Taxes are another aspect of finances that will be impacted by a divorce. Both spouses should maintain copies of all tax returns that were filed jointly, especially those that were filed within the last five years.

When negotiating the terms of a divorce settlement, both spouses should be aware of the tax implications. Individuals who will have to file as a single person after the divorce will have to pay a higher tax rate. In situations in which there are dependent children, the spouse who serves as the custodial parent is likely to use the more favorable head of household filing status.

A divorce attorney may advise clients about which legal avenues should be pursued to obtain favorable settlement terms regarding legal issues. Litigation may be used to protect the interests and rights of clients during disputes regarding the division of assets, such as financial accounts and real estate.

No Comments

Leave a comment
Comment Information

Avvo Client Review

5 Stars

Schedule A Free Consultation Today!

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Our Peoria Location

9059 West Lake Pleasant Parkway Suite C-300
Peoria, AZ 85382

Phone: 623-239-0015
Fax: 623-572-2586
Peoria Law Office Map

Back To Top