Debts in Divorce- Division of Marital Debt in Arizona

by Alexander D. Nirenstein

Divorce and debt problems often go hand in hand and have adverse impacts on each other especially in terms of finance and possessions. Sometimes, fighting on financial issues drain the joy out of a marital life and compel the couple to split up. Under Arizona law, all the assets and the debts incurred during a marital life are regarded as community property and therefore after divorce needs to be divided equally between husband and wife. Division of debt is not an easy task because your better or worse half might have accumulated outstanding debt, but you also remain liable to pay it off. Both Debt division as well as asset division is contentious as both you and your spouse fight over each and every tiny issue in order to evade any sort of loss. Only a knowledgeable attorney is capable of helping you to divide your marital debt equitably.

 

Documents Required to Aid in Debt Division

Courts demand substantial proofs and documentation to determine marital assets and debts. It is not always possible for couples to provide all exact and accurate information to court and therefore verification of facts are required. Credit bureaus are able to shed light on this matter and can present exact figures and estimation of debt. Before planning a divorce you need to keep a record of following items like tax returns, mortgage papers, investment portfolios, bank account records, credit card statements, business records, titles or deeds of ownership. In case there is no financial documentation of the above mentioned items, you can request assistance from forensic accountants and certified public accountants. They can investigate your finances and get an exact account of debts and assets. It is essential to depict a clear picture of the community properties, separate properties and debts so that the court can make a perfect ruling on the property division.

Read the full article here http://www.ngslaw.com/azfamilylawblog/2011/03/23/debts-in-divorce-division-of-marital-debt-in-arizona/