There are few things more complicated in life than a divorce. If you are getting divorced, there is a very good chance that you are worried about what will happen to your assets. Please continue reading and speak with our experienced Los Angeles divorce attorneys to learn more about the three most common financial issues in divorce. Here are some of the questions you may have:
The 3 Most Common Financial Issues in Divorce
The three most common financial issues in divorce are as follows:
- Dividing Debt: When a couple gets divorced, they are often faced with dividing debt. If you both are in debt, there are several routes you can take. For example, you and your spouse can agree to sell certain assets and pay off the debt before your divorce even starts, thereby ensuring that you have a clean slate. You may also agree on one spouse handling the debt in exchange for receiving more marital assets when the time comes to distribute your property. In other cases, you can simply agree to evenly split the debt and pay it off that way. There are a multitude of ways in which you may divide debt during a divorce, and an attorney can help ensure you do so properly and cleanly.
- Property Distribution: This is perhaps the most commonly talked about issue when it comes to divorce. Courts will analyze your marital assets, your financial situation, and more, and from there, they will determine which marital property belongs to whom. In many cases, property distribution can get quite messy. For example, if both spouses want to stay in their marital home, though the court rules that only one spouse may do so, the other may feel slighted. This is why it is so important that you hire an experienced attorney who can effectively argue your case.
- Retirement Plans: This is an especially critical issue for older couples who are getting divorced. In many cases, a retirement plan is an individual’s only source of income after retiring. Further, retirement plans are generally considered marital property, and if you are getting divorced, your spouse may very well receive half of your retirement plan.
If you have any additional questions, or you would like to speak with a knowledgeable attorney at our firm, please do not hesitate to give us a call today.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.