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May 2019 Archives

Planning for divorce by learning about finances

When women in Arizona decide to divorce, they may need to take special care to protect their finances. While the overall role of women in household finances has changed significantly over the years, many wives still know less than their husbands about the state of household finances, the scope of family assets or the investments that they hold. When 40 to 50% of marriages end in divorce, it is particularly important that women remain aware of their collective finances in order to protect themselves financially in the event of a divorce.

How debt can put a marriage in jeopardy

Financial issues are a common cause of divorce. According to one survey, student loan debt can be a major contributing factor. About one-third of student loan debtors who participated in the survey said their divorce was caused by money problems, and more than 10% of those specifically blamed student loan debt. Some people in Arizona may be among those whose student loan debt is in excess of $50,000. The number of people who have passed this threshold is three times higher than it was 10 years ago.

How parents can handle the aftermath of a divorce

Parents in Arizona and elsewhere may believe that it is better to stay married for the sake of their children. However, it is usually better to end a toxic relationship than subject a son or daughter to constant conflict. If a divorce does take place, parents should make sure that the children don't blame themselves for it. It is also important that the kids know that they will be loved regardless of how their parents feel about each other.

Determining spousal support as a marriage comes to an end

Spousal support is a common point of contention for many Arizona couples ending their marriages. However, this issue can only be seriously discussed once marital assets have been divided. It's this step that allows a fair determination of what type of financial assistance, if any, a lesser-earning spouse may need from their soon-to-be ex. Several factors are taken into consideration to figure out support-related issues.

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