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Posts tagged "High Asset Divorce"

Finding financial health after a divorce

It should be no surprise to readers of this Arizona family law blog that ending a marriage and dividing a single home into two households can be expensive. A couple that shares a mortgage may find itself paying that mortgage and rent for one of the partners to live in a residence other than the marital home; to support that second address the individuals both must pay utilities, buy household goods and attend to many of the other costs that are needed for a person to live on their own.

Is divorce on the horizon for in the New Year?

Although the holidays are often a time of happiness for families throughout Arizona, they can also be a time of stress and sadness for those who feel caught in unhappy relationships. It can be the togetherness that the holidays impose that causes them to realize that their marriages are failing. While some may wish to give themselves time for reflection on how best to move forward with their spouses, others may recognize that divorce is their best option.

Proper execution is necessary for a valid prenuptial agreement

Although they tend not to be the most romantic items that engaged Phoenix couples acquire prior to their marriages, prenuptial agreements can be the most important planning tools that unmarried couples can execute to set their financial expectations during their marriages. While prenuptial agreements are often invoked when marriages end and couples divorce, they can also serve as effective communication devices for couples that need to discuss what each will bring, and potentially take, from the marriage.

What can a prenup do?

Couples in Arizona can enter a prenuptial agreement before their marriage that requires the disclosure of their assets and can help resolve issues if the couple ever divorce. These agreements, however, have advantages and disadvantages.

Separating from the home

A spouse should consider the couple's house, like other property and marital assets, as something that they may have to lose in their divorce. For tax and other financial reasons, the apparent financial value of the house and emotional attachments, may be misleading.

Deciding custody of the assets: 401(k) and other accounts

Between Labor Day and the December holidays, divorce filings rise. As the possible end of marriage is being considered during this time, asset valuation should be part of this planning because property division is not merely a 50-50 split. Certain assets have different financial consequences not readily apparent from their face value.

What can a divorce do to finances?

A divorce in Arizona may have financial consequences over and above legal costs. Several of these matters, even though they may appear complex and technical, should be considered as major issues that must be pursued in court or negotiations. Planning should start well before the divorce filing.

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