Dividing up assets and figuring out who pays what during a divorce is one of the most hotly contested parts to nearly every case. No one wants to come out of a divorce paying for debts racked up by their ex-spouse, or being left with too little assets to make a new life. And, if children are involved, the party with custody will want to make certain there is enough child support to take care of the kids and give them the life they deserve. These circumstances make it crucial to have a clearly worded decree, that sets forth who pays what and which spouse gets what pieces of property.
When thinking of how to budget for your finances after divorce, taking into consideration the assets on hand is important but it is also necessary to know what debts the Court expects you to keep paying. Examples of what debts must continue to be paid after the divorce is over include:
- The debts for which the Court ordered you make payments. If you were assigned the responsibility to make credit card or car payments in the divorce decree, failing to do so can result in contempt of court charges being filed against you.
- The mortgage payment will need to be paid after the divorce and the party that remains in the home is usually the one responsible for the payments. This is not always the case though, and if you are being asked to make these payments you will want to be sure the Court has all the information it needs to make the determination as to who pays. This might include your financial and banking account data as well as information on other debts for which you are responsible. Making your case takes careful planning, and persuasive argument.
- Medical, dental, and other healthcare costs for the kids will still be due after the divorce. It is common for one party to be required to carry insurance for dependents, and then the parties split the costs of things like co-pays and prescriptions. For more in depth medical needs, a more thorough analysis of your particular circumstances is required.
Part of getting divorced is adjusting to a new life, as a single person. This includes being able to stand on your own two feet financially, which is why it is so important to fight for debt distribution that is not overly burdensome. Call our office for more information on what your post-divorce financial picture involves.
For more information about divorce and finances, call us today. Let us put our experience to work for you. Call The Sampair Group in Phoenix and the West Valley today to schedule your appointment.