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Divorce does not have to create a financial dilemma

| Jun 6, 2018 | Divorce |

Financial issues are a primary reason that some Arizona residents remain in an unhappy situation. They are often concerned about how much money they will have coming in, what their expenses will be and what their extended financial future looks like. Yet, with a little bit of planning and budgeting many of these concerns can be alleviated and the individual can take the necessary steps, such as divorce, to change his or her situation.

One of the first things the individual will want to do is analyze his or her budget. This can be done by taking a close look at income that the individual anticipates receiving on a regular basis. Then, anticipated expenses will need to be included. These expenses should include housing, utilities, outstanding debts that the individual will be responsible for as well as any support payments that the individual may be expected to make. Once this has been accomplished, the individual will have a good idea of what to expect financially and if any income or expense adjustments need to be made.

In many cases, the Arizona couple has maintained joint checking, savings and credit accounts. With an impending divorce, the individual will want to establish individual accounts and close the joint ones that can be closed. If possible, joint credit accounts may need to be refinanced, if possible, so that the individual not responsible for it can be taken off the account.

Unfortunately, some Arizona residents will decide to remain in an unhappy marriage rather than take the steps necessary to reclaim their happiness. Divorce does create a financial dilemma, yet the changes that are called for are often possible and beneficial in the long run. Experienced legal counsel can assist the individual in reviewing the situation and determining what needs to be done.