Phoenix, AZ – Various financial issues have long been known as potential causes of marital problems and divorce. Credit cards and the associated debt are one of the main sources of arguments between married couples. If it becomes obvious that the marriage will end due to issues with debt or other reasons, it is important for each spouse to get their own attorney as soon as possible. Divorce lawyers in Arizona and other states regularly handle property division issues that are part of dissolution of marriage cases.
The problem with credit cards
Credit card payments tend to get larger as they are used for more purchases. The person who holds the debt will also owe more interest and end up paying on them for years unless they make larger payments. If the couple holds multiple cards, they may be jointly responsible for hundreds or thousands of dollars worth of monthly payments on credit cards alone, not counting any of their other living expenses. This can obviously become a huge source of stress and arguments. One spouse can start to seriously resent the other if they are responsible for most of the debt. As a general rule, financial issues are one of the most common reasons for arguments and stress within a marriage.
The law of credit card debts and divorce
In many jurisdictions, the credit card debt accumulated during the marriage is considered the responsibility of both spouses, regardless of who actually made the purchases or the specific name on the account. Paying off the debt during a divorce may require liquidation of other assets, which can seriously affect a person’s finances and standard of living. This can be especially true if the credit card debt is added along with things like student loans, car payments, and other common forms of debt.
Divorce lawyers and property division
All issues related to debt and other liabilities will be decided during the property division phase. The attorneys for each party will likely recommend that these matters are settled during mediation or negotiation sessions. If this cannot be accomplished, the property division issues will have to be decided in court, which can take quite some time. Couples that were married for several years and have large amounts of personal and real property can possibly spend months or years dealing with property division issues alone. This is why settlements in divorces are highly recommended when possible.
Assistance with a divorce in Arizona
Firm contact info:
365 E Coronado Road, Phoenix AZ 85004