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.
Archive for the ‘Marital Debt Division’ Category
Arizona Business Ownership and Buyouts for Divorcing Spouses
27 March 2012 by admin | Business Owners, Divorce, Family Law, Marital Debt Division, Property Division, Small Business Owners | No Comments
Arizona Divorce Property Division
26 March 2012 by admin | Divorce, Family Law, Marital Debt Division, Property Division | No CommentsArizona 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.
What to Do with the Marital Residence in Arizona?
5 March 2012 by admin | Divorce, Family Law, Marital Debt Division, Marital Residence | No CommentsDeciding 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.
Uncontested Divorce in Scottsdale, AZ
12 May 2011 by admin | Collaborative Divorce, Divorce, Marital Debt Division | No CommentsContrary 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.
Dividing marital debt upon divorce in Phoenix, Arizona
5 May 2011 by admin | Divorce, Marital Debt Division | No CommentsJust 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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