As you consider the ways that a divorce will affect your life, one of your main priorities is likely your finances. The financial aspects of a divorce are some of the most significant impacts you will experience once your marriage ends, and you will want to take steps to prevent unnecessary loss and hardship. A key component in accomplishing this goal is ensuring that you secure fair and reasonable terms in your property division order.
The division of marital property will have impacts on your life for years to come after your Arizona divorce is final. In addition to how much marital property you will receive and the amount of financial support you could secure, you will also benefit from considering what will happen to your marital debt. A fair division of marital debt is critical to your long-term stability, and you will not want to walk away with an unfair financial burden.
Dividing financial responsibilities
Marital property includes any assets bought, collected or accumulated over the course of a marriage. Arizona law states that each spouse has a claim to a share of marital property regardless of conduct or the reason for the divorce. The same applies to all marital debt. Each spouse should receive a portion of all marital debt accumulated over the course of the marriage. One common issue is a disagreement between the two parties regarding what counts as marital debt and what balances could be the sole responsibility of one spouse.
There are different factors that could impact whether or not a debt qualifies as marital debt. Whether both spouses are on the loan documents, state property division laws, prenuptial agreements and more may determine which spouse has the responsibility of paying the debt. Spouses may negotiate terms regarding both marital property and debt, but you would be wise not to agree to terms that could leave you with an unmanageable financial burden.
Seeking the best outcome
One of the most important factors during your divorce will be securing terms that allow you to have stability long-term. In order to make the best possible decisions for your future, it will be beneficial for you to set temporary emotions aside and seek guidance regarding how you can protect your interests. Before you agree to terms or make any choices that could affect the terms of your final order, you will benefit from having knowledgeable insight.