Making the decision to dissolve your marriage is never easy, and whether you’re the one that files for divorce or the respondent, there are many decisions to be made with regard to property division. For some couples, the issue of property division may not be a complicated process. However, for others who have decades of combined finances and jointly purchased property and/or businesses, the division of assets can be a challenging process full of legalities.
In today’s blog, we’ll touch on a few things that will need to be considered during that process. If you’re in the Tucson area and in need of reliable divorce representation, contact the lawyers at the Dorris Law Group. We specialize in complex property division cases, and we have the skills, knowledge, and experience to help you with yours. Call us today at 520-622-4866 to learn more!
Bank Accounts and Finances
If you and your spouse have joint bank accounts, annuities, credit cards or other financial assets, these will need to be separated in the process of your divorce. Additionally, the courts will consider any joint debt the couple as incurred throughout the course of the marriage. There are many factors that can be considered in the division, and the income and earning potential of each spouse will be carefully considered. This can be an overwhelming task in the absence of skilled legal representation.
Joint Business Ventures
Do you and your spouse have a business that you own jointly, or have business investments that you’ve gone in on together? If so, these will also need to be considered during the process of your divorce. If one spouse is to retain full rights to the investments or business ventures, it may become necessary to arrange for a buyout of the other spouse’s portion. Navigating these sensitive negotiations and drawing up the proper contracts and corresponding legal paperwork requires in-depth knowledge of legal financial transactions, mergers, and acquisitions.
Retirement, Life Insurance, and Health Benefits
As a married couple, it’s likely that you and your spouse have made some kind of financial investment in your future. Whether through retirement accounts, life insurance policies, or health benefits, these joint assets must be addressed when the marriage is dissolved. In some instances, this is a non-issue and each spouse will agree to retain their respective benefits. However, if one spouse relied on the benefits of another during the marriage, a knowledgeable attorney can help negotiate a mutually agreeable division of these benefits.
If you’re a Tucson resident faced with the overwhelming task of dividing joint property because of a divorce, you should know that you don’t have to face the task alone. The divorce lawyers at the Dorris Law Group are here to provide assistance with even the most sensitive aspects of property division, and we’ll do it all with compassionate and reliable legal representation.
Contact us at 520-622-4866 or fill out the form below to schedule your consultation.