It is not enough to determine how assets will be distributed in a divorce. Whether it is achieved through negotiations, in mediation or in the courtroom, division of debts should also be taken into account in a divorce settlement.

Examples of Jointly Held Debt

Most married couples have jointly held debts including one or more of the following:

• Home mortgage
• Auto loan(s)
• Credit card debt
• Retail store debt
• Second mortgages or home equity lines of credit
• Bank loans taken out for any purpose
• Installment loans for home improvements, boats or vacations
• Bank loans pertaining to businesses owned by one or both spouses
• Personal debts, such as loans from family members
• Unpaid obligations such as medical bills, dental bills, health care memberships, cell phone contracts and cable TV contracts
• Taxes
• Student loans

Debts taken out by either spouse during the marriage may be considered joint legal responsibilities. Talk to a knowledgeable lawyer about how to determine which debt liabilities you may share with your spouse, and how to ensure that all debts are accounted for in property division.

We’re Prepared to Answer Your Questions About Debt and Divorce

Contact Lasiter & Jackson, a well-established family law firm in Phoenix. Lawyer Stephanie Jackson or Lawyer Nicole Lasiter can offer practical help and advice with regard to marital debt and other issues related to property division. Ask one of our attorneys questions such as the following as they pertain to your debt and asset division going into an Arizona divorce:

• Are creditors likely to pursue you for repayment of marital debt that your spouse is ordered to pay according to the final divorce decree?
• How can your spouse’s portion of debts from the marriage be enforced?
• What if your husband or wife is squandering marital assets or accumulating new debts through gambling or an extra-marital affair? This type of activity is known as ” community waste,” and there are legal remedies for it.
• What about bankruptcy or foreclosure? How will each spouse be held responsible in connection with these debt problems? Should the divorce take place before or after the bankruptcy or foreclosure alternative such as a short sale of the home?

Schedule a Consultation With an Experienced Attorney

At Lasiter & Jackson, we provide understanding and compassion for the delicate issues associated with divorce and family law. We are committed to obtaining positive results for each of our clients and we strive to provide qualified case assessment at a reasonable cost.

Contact our law office in Phoenix to discuss your divorce or family law issues such as division of marital debt.