While going through a divorce, assets and debts will be split up between both spouses. The most valuable asset tends to be the home and the largest debt is usually the mortgage. If one of the spouses owned the house before the couple was married, the house remains the property of whoever had it first. If this is not the case, the house and mortgage will be addressed in the divorce settlement. A spouse is not allowed to kick their partner out if the house is joint marital property. However, if they receive an order of exclusive occupancy from the [...]
Archive for the ‘Marital Debt Division’ Category
When a woman gets a divorce after being a stay-at-home-mom, her life is bound to dramatically change. Here are some suggestions to consider before beginning the divorce process. Obtain Financial Records. Be sure to make personal copies of your financial records and important information, including: assets, debts, letters, emails, texts, photos, recordings, home closing documents, mortgage information, automobile titles, nonretirement account statements, retirement account statements, tax returns and supporting documents, monthly bills, and credit card statements. Meet with a Financial Planner. The responsibility of a financial planner is to provide a summary of your current financial situation. A financial planner [...]
Dealing with property during a divorce is already stressful enough; don’t let the court handle the division of property if you can do it yourself. Spouses can handle the division of property on their own by creating a separation agreement. A separation agreement is a contract that lays out how matters should be handled if the marriage were to end. The agreement can contain division of property, ownership of real estate, division of debt, financial support, custody, child support, and parenting time. A separation agreement can save you a lot of time and money in the event of a divorce. [...]
Going through a divorce is stressful, no matter what your situation is. Whether your decision to split was sudden or long over-due, the emotions of a divorce can be painful and overwhelming. Aside from the heartbreak you may be dealing with, you must also consider the short and long-term financial consequences of your divorce. You may be asking yourself questions like, “Are we going to sell our house?” “How much alimony will I get?” “Will my taxes be affected?” or “Can I support the children on my own?” While these are all very legitimate concerns, there are people who can [...]
It is true: divorce can be costly. But there are ways to protect yourself from breaking the bank if you are simply aware of the present and future financial implications that come with a divorce.
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.
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.
Contrary to stereotype, most good divorce attorneys are not simply trying to increase conflict and litigation. In fact, more often than not, a good family law attorney will actually steer the parties toward settlement and an uncontested divorce.
Just as community property is owned equally between spouses, so too is marital debt. Upon the dissolution of a marriage in Phoenix, or any other city in Arizona, the marital debt is divided equitably between the spouses, meaning that each spouse takes a fair amount of the couple’s debt accumulated during the marriage. This is true regardless of which spouse incurred the debt, so long as the debt was incurred during the marriage. In instances where spouses cannot agree upon terms as to how to divide the marital debt, the court makes the decision for them. A qualified family law [...]
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