When Arizona couples decide to divorce, they may imagine that all major matters will be handled by the time the family court finalizes the end of their marriage. However, the divorce decree may be only the beginning of some of the most important practical steps to make the property division agreement a reality, as making an agreement does not complete the actual separation of assets.
When one party will remain in the marital home after the divorce, there can be a number of tasks for both parties to handle. The mortgage will, in most cases, need to be refinanced into the sole name of the remaining owner, and the other party will need to sign over his or her interest in the home through a quitclaim deed. In general, it is best to take care of both of these aspects at the same time to avoid an imbalance in ownership and responsibility. Other types of property, like motor vehicles, will also need to be retitled to reflect their current ownership.
At the same time, car insurance will need to be updated so that each party maintains an individual insurance policy. This is not the only insurance change to accompany a divorce. Health insurance will need to be handled if one spouse is on the other’s policy. A divorce is a qualifying life event that will enable the other spouse to enroll in a new plan at any time of year.
Property division can be one of the most complex aspects of a divorce, because the financial effects of the end of a marriage can linger on for years to come. A family law attorney can advise a divorcing client throughout the process.