Helping You Resolve Difficult Issues In Family Law

Divorce diagnosis: Doctors can face financial setbacks

On Behalf of | Dec 27, 2018 | Divorce

Being a doctor may have always been your dream job. From a young age, you may have kept yourself on the educational path to reach your career goal. Along the way, you also got married and maybe had some kids. All in all, you felt your life was heading in the right direction. Then, one day, your plans changed when your spouse announced that he or she wanted a divorce.

Whether this news came as a shock or you saw it coming for some time, you still have a lot of road to cover ahead. In particular, you will need to handle a number of legal and financial issues related to the dissolution of your marriage. Because you are a high-income professional, you may feel particularly worried about how a divorce will affect your financial situation.

Assets and debts

In divorces that take place in Arizona, community property laws apply. These division laws mean that any property obtained during the marriage is community, or marital, property, and as a result, those assets will divide equally during divorce. Any assets obtained before the marriage, given to only one spouse during the marriage or inherited by one spouse are separate property and the court will not divide them.

Of course, debts will also need addressing during this time. As a doctor, you likely have a substantial amount of student loan debt. Typically, this type of debt is a separate liability, and as a result, you will likely maintain full responsibility for that debt.

If you are closer to the end of your professional career, you may not worry as much about student loans anymore, but you may worry about your savings and retirement funds. These accounts could face an equal division during divorce proceedings, and you may have a difficult time rebuilding those accounts the closer you are to retirement, even with a high-income job.

Divorce diagnosis

Unfortunately, a divorce can take a major toll on your finances. As a doctor, you likely already have the ability to assess a situation, diagnose the issues and find the best treatment options. While your problem-solving abilities may prove useful during your divorce case, you may also want to enlist the help of a legal professional who could help you determine how your particular circumstances could influence the outcome of your case.