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Arizona Family Law Blog

Dealing with finances during and after a divorce

For many Arizona couples who are considering divorce, it is often understood that the relationship between the two spouses will change. What they may not realize, however, is just how much their lifestyles may also change due to having to split up finances and assets. For example, some people can lose half or more of the finances and assets that they worked so hard to obtain during the marriage. However, there are ways individuals can improve their post-divorce finances.

Those going through a divorce should take inventory of the assets they obtained during the marriage. This inventory should include the various incomes the former couples may have and liabilities. As the divorce proceeds, it should become clear what will happen to the marital assets and the liabilities. Those in the midst of a divorce should avoid panicking about debts as this can cost much-needed energy that could be used to rebuild finances.

The value and ownership of art in a divorce

Some couples in Arizona that get a divorce may have to divide valuable property, such as an art collection. This can be a complex process because it can be difficult to accurately assess the value of a work of art. It may also be hard to identify who paid for the art.

Both issues arose in a divorce between a woman who was a trustee for two major art museums and her husband, a real estate developer. Among the couple's collection were works by Picasso and Warhol, but estimates of value varied by the hundreds of millions. Furthermore, despite the woman's position as a trustee, her husband claimed that he had helped pay for the artwork.

During the divorce process, remember to be reasonable

People who are going through a divorce will have a lot of questions about the actual legal process of ending their marriage. The steps that must be taken will be, of course, complicated. But they aren't insurmountable, and with the right frame of mind, you can proceed with your divorce in the best way possible.

So, with that said, let's talk about a few things that you should do and a few things that you should avoid during the divorce process.

How to keep your divorce costs in check

If you are getting ready to file for divorce, make sure you have your finances in order. Divorces in the Phoenix Metro area are often expensive, especially if there is a lot of conflict between spouses. The longer it takes to resolve your divorce or if it ends up going to trial, the more likely it is you will end up with some expensive legal bills. 

Fortunately, your divorce does not have to put you into financial distress. Here are some things you can do to help offset your divorce expenses

Advantages to developing a parenting plan out of court

Your child is a precious gift, and you want to protect him or her, especially during the divorce process. Creating a child custody and parenting plan may be very crucial in this process.

If you are divorcing, you may be weighing your options. There are strong advantages to developing a parenting plan out of court. 

Should you move out of the marital home?

As you work out the details of your divorce, one question that you may find is running through your mind is if you should move out of the marital home in the Phoenix metro area. You may not feel the need to do so, but you may no longer want to continue living in a place that has so many memories of you and your relationship with your ex-partner. 

Now is not the time for you to make hasty decisions because of your feeling towards your ex-spouse. Instead, you should take into consideration how moving out of or remaining in the marital home may affect your settlement and post-divorce situation. 

3 benefits of a postnuptial agreement in Arizona

Prenuptial agreements are common knowledge, although not every couple utilizes them. These agreements detail asset ownership, financial responsibilities in the marriage and property division in the event of a divorce. Having a prenuptial agreement may make a divorce go more smoothly because the couple has already resolved many of the issues.

What if you did not get a prenup or you revoked it later in your marriage? Is it too late to have one? The good news is that it is not, though the document you two create and sign will be a postnuptial agreement. It serves the same purpose as a prenup but does not have formal legal requirements (though it does not cover child support and custody). For this reason, you should use the services of an attorney to ensure you receive the following benefits.

The differences between custody and legal decision making rights

As your divorce comes near, you might be stressing out about what will happen with your children. This is a big concern, especially if you are unsure about the judgment and decision-making abilities of your soon-to-be-ex. 

Custody can be an even more confusing subject because of how Arizona laws are worded. If you are confused about the difference between custody, parenting time and legal decision-making rights, do yourself a favor and get a quick explanation. 

A brief overview of child custody in Arizona

Embarking on a divorce with young children in tow can add several layers of complication to what already tends to be a difficult process. Understanding the basic principles involved can set the stage for a more detailed discussion with your attorney about how best to meet the needs of your children.

Arizona law divides custody issues into two major components: legal decision-making and parenting time. Parents have several options in how they may divide both types of responsibilities.

How to get your finances together when filing for divorce

One of the first things you should do after deciding to divorce your partner is to get your finances in order. You may have ideas in mind about what you plan to receive in your settlement; however, until the court issues a decree for your situation, nothing is certain. 

It is important for you to consider the impact that divorce will have on your current and future situation. Here are some suggestions on how to get your finances in shape to improve your financial standing once you are legally single again. 

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