QUESTION
In a divorce, what is the debts versus assets?
Asked on Jan 12th, 2013 on Divorce - Arizona
4 ANSWERS
Family Law Attorney serving Ridgeland, MS
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Thompson Law Firm, PLLC
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It determines the value of the marital estate. Assets are cash, cars, accounts and stuff and Debts are the credit cards, payments, and loans.
Answered on Jan 15th, 2013 at 11:19 AM
Alternative Dispute Resolution Attorney serving Chandler, AZ
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Cox Sandoval Law, PLLC
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Assets include such things as real property (ie a house) or personal property and vehicles. Debts are money owed to third parties, such as credit card companies. In Arizona, both assets and debts accrued during the marriage are subject to equitable division.
Answered on Jan 15th, 2013 at 11:18 AM
Debts are obligations you owe (e.g. credit cards, mortgage, personal loans, lines of credit, etc.) and assets are items of some value (e.g. house, bank accounts, retirement accounts, investments, household contents, etc.).
Answered on Jan 15th, 2013 at 11:17 AM
Divorce/Family Law Attorney serving Carlsbad, CA
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Anne B. Howard, A Professional Law Corporation
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Debts are what you owe. Assets are what you have. Car furniture etc
Answered on Jan 15th, 2013 at 11:17 AM