In many different divorce situations, divorce and bankruptcy can go hand and hand. Many Phoenix divorce lawyers have had their fair share of cases that have involved an immediate filing of bankruptcy by their clients following a divorce.
So why does divorce and bankruptcy come up in the same sentence here? It’s simple, in most divorce cases there is the subject of many financial areas that both individuals must address such as spousal support, child support, asset, property and debt division. These issues often times complicate a divorce case which will require the services of a Phoenix divorce attorney. The reason that people hire Phoenix divorce attorneys is due to the fact that they want to give their best effort in order to protect their assets and best financial interests. In most divorce cases in Arizona, not everyone can get what they want because all of these items must be discussed and negotiated.
In the financial area of filing divorce in Arizona, couples must decide who gets what, and which debts each shall retain and pay. The problem is not the assets involved, but the debts. Both individuals will typically divide the debts equally, however this can put a heavy financial burden on one or both people filing divorce. It is important to discuss your situation with an experienced Phoenix divorce attorney if you plan on filing divorce.
These debts can be very overwhelming and will cause financial hardship. As a result, one or both of the individuals filing divorce will turn to filing bankruptcy so that they can get rid of their debts and obtain a fresh financial start along with their new life. If you have questions about filing divorce, contact experienced Phoenix divorce attorneys now.