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. [...]
Archive for the ‘Property Division’ Category
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.
Most people are already aware that the fees that come with a divorce settlement can be costly; attorney fees and other basic legal expenses are enough to stress someone with an average income. But it’s when unexpected things occur to escalate those fees, can divorce ruin someone’s finances. Many people going through a divorce are not focused on the financial changes they will face once they are single; they are focused on escaping from a marriage that they no longer want to be in. Both parties may be clouded by their hateful emotions and can’t see past their anger to make good decisions. But anyone dealing with a divorce must know that making good financial decisions is probably the most important job they have.
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.
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.
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.
When two people decide to separate or divorce, they may not consider the levels of detachment that will be caused by their decision, because becoming independent is the most important thing on their mind. But once reality sets in, they will need to consider how their divorce or separation is going to affect the many aspects of their life.
In most cases, Arizona courts divide community property equally between parties to a divorce, regardless of who earned it. While community property division may seem like a straightforward concept, the application of this rule is not always simple. Certain property can be considered as separate property belonging to only one spouse. For example, even in a community property state, certain property acquired during the marriage, such as gifts or inheritances, is considered separate property, and thus belongs solely to one spouse. In addition, one spouse’s sole and separate property can become “comingled” with the community property, which transforms that property [...]
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