When doctors with substantial assets and reputations file for divorce, they can put their financial well-being at risk. Under Arizona divorce law, a practicing doctor’s medical practice can be seen as community property in a divorce. Any investments, earnings or property that was obtained with funds from one spouse’s medical practice will need to be assessed during the dissolution process. Furthermore, in order for a doctor to claim that their spouse played no role in the success of their medical practice and should not receive half of the practice’s value in the terms of their divorce, the doctor will need provide the court with substantial and compelling evidence.
Archive for March, 2012
If a spouse can track a separate asset back to its original source, they can increase their chances of keeping that asset as their sole property in the terms of their divorce. However, tracking an asset back to its initial state can be extremely difficult and this process is best facilitated with assistance from a Phoenix divorce attorney. To learn more about property division, community property law and Arizona divorce law, contact the Phoenix family law attorneys at JacksonWhite. Call us today at 480-464-1111.
When divorcing spouses have equal ownership in a business, yet do not want to stay in business together once their dissolution is finalized, what happens to the business? In a state like Arizona that recognizes community property law, parties to a divorce have a couple different options if they own a business together.
Arizona divorce law was founded on the principal of “community property.” This means that anything and everything acquired during a marriage, including antiques, paintings and jewelry will be split right down the middle in a divorce. Family businesses, as well as stock options, retirement benefits and real estate, can also be subject to property division. People with significant assets need to make sure that they understand how a divorce might affect their future finances.
For spouses with a high-net worth, divorce in the Phoenix metro area can spell disaster for their financial status if they fail to take an objective approach to the dissolution process. In order to avoid complications, and make the dissolution process a whole lot easier on everyone involved, it’s important to make sound decisions based on practical advice, not emotions. The following list includes some of the variables that will need to be accurately assessed in a Phoenix divorce case: – Primary, secondary, retirement and investment homes and real estate; – Motorized vehicles, boats and yachts; – Investment purchases, antiques, [...]
It’s not easy to find the ‘magic’ dollar amount of child support that makes both divorcing spouses happy. In most Arizona divorce cases, the parent with primary child custody feels short-changed on child support payments. At the other end of the spectrum, it is common for the noncustodial parent to feel as though they are constantly being hounded for more and more money. This constant struggle can lead to feelings of resentment and anger – two emotions that can prevent spouses from achieving the fresh start that they deserve.
The average age of alter bound women in the U.S. is 30, and for men, it’s 31. Since many successful people in their 20s and 30s are staying single longer and marrying later in life, wealth and money management is critical. And while no one enters into a marriage with thoughts of divorce on their mind, the following statistic will still hold true – in a given year, about 40 to 50 percent of couples that get married will end up getting divorced.
Dealing with these rough economic times can be tough on business owners. But throw a divorce into the mix, and things can get even more overwhelming. Oftentimes, parties to a divorce will make misinformed decisions based on their emotions. These ‘mistakes’ can be detrimental to the livelihood of a business and might even wash years of hard work down the drain. Luckily, these types of problems can be avoided, and it is possible for business owners to weather the storm, and complete the dissolution process without losing their life’s work.
Deciding who gets to keep the house in a divorce settlement should always be a financial decision, NOT an emotional one. While acknowledging your feelings is an important part of the healing process, those feelings should not come into play when deciding what to do with the house. In order to give yourself the opportunity to truly start over, you’ve got to remember that feelings and money don’t mix very well. Therefore, it can be helpful for divorcing spouses to consult with an outside 3rd party – someone who knows the financial ins and outs of divorce in Arizona.
If you’re going through a divorce, you’ve probably been overwhelmed with an enormous amount of advice from family, friends and people who say that they “understand exactly what you are going through” or that they have “been there before”. While turning to friends and family for emotional support can be extremely beneficial, going to them for financial advice might lead to disaster.
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