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High Asset Divorce Archives

What happens when business owners in Phoenix divorce?

Many married entrepreneurs in Phoenix have started a business from the ground up. Some of these couples have achieved great financial success in their endeavors, and, therefore, one of their most valuable assets is the business itself. Unfortunately, just because a couple's business has seen financial success does not always mean that their marriage will be equally successful. And, should they decide to divorce, they must face the question about what to do with their business.

High-asset Arizona couples face unique divorce issues

While every divorce in Arizona is unique, a high-asset couple may face challenges in the divorce process that those of lesser means may not. High-asset couples may be business owners, earn significant incomes, hold valuable stocks, own more than one home, have received a substantial inheritance or own valuable assets, such as luxury motor vehicles, works of art or valuable collections. They may also have a prenuptial agreement in place. This may make the property division process more complex.

Postnuptial agreements can ease the divorce process

While some Phoenix couples enter into a prenuptial agreement prior to walking down the aisle, many others neglected to take this step. Perhaps they viewed the entire process as unromantic or as a sign that they did not expect the marriage to last. Perhaps they simply got so wrapped up in wedding planning that they never got around to it. However, sometimes one spouse or the other will later regret not having a prenup. Is there any help to spouses in such situations?

Research shows more and more Baby Boomers are seeking a divorce

While most married couples in Phoenix envision living a long and happy life together well into their elder years, the fact of the matter is that wedded bliss is not in every couple's future. Some couples will inevitably find that their marriage is irretrievably broken, and will seek divorce. According to the Pew Research Center, more Baby Boomers are getting divorced than ever before.

Is a large inheritance considered marital property in Arizona?

People who are married in Arizona tend to share everything. This includes parental responsibilities, paying bills, the income earned by both spouses, homes, cars, and many other aspects of their lives. When they divorce, the couple needs to figure out how they will split the life they shared during the marriage. This is not always an easy process, as many times the emotions can be heated.

Stars of the show "Flip or Flop" on HGTV file for divorce

Many fans of the TV show "Flip or Flop" may have learned that the couple separated a few months ago, shocking many who watched the couple work together on the show. Tarek El Moussa has now filed for divorce, and it appears any efforts to reconcile the marriage did not work. However, the two will still be filming episodes of their show together for the next seven months. Tarek is also seeking spousal maintenance, which is just one of a long list of divorce legal issues that may arise in this case.

What is considered separate property in a high-asset divorce?

When people get married in Arizona, two lives become one. Couples begin living a common life and share everything. This is true whether they think they are sharing everything or not. Arizona is known as a community property state, which means that almost anything earned or acquired by one spouse is the equal property of both spouses. So, if the couple divorces they must equitably split the community property since they both have equal interest in it.

Tax consequences associated with high asset divorces

When people get divorced in Arizona, there are many things that they must think about as they move forward, for example, where one is going to live and how will he or she will afford everything. Other concerns might include the children, such as which parent will they live with, and when will each parent see the children. Another is who will get the various assets that the couple owns. This can include household goods or furniture as well as bank accounts, properties, retirement accounts and other assets.

Disclosing financial assets in a high asset divorce

A divorce is generally not an easy process for people in Arizona. Trying to separate a life that was lived as one into two separate lives can be very complicated. Also, while a couple is dividing many aspects of their lives, many times they are not happy with the other one and emotions can affect the decision making process. However, despite the complications and difficulties couples must do this during the divorce.

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