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Divorce Archives

Creating a financial strategy during a gray divorce

In Arizona and across the United States, "gray divorces" among couples over 50 are becoming more common. Gray divorces have doubled during the past 20 years. While understanding the reasons for a gray divorce may present unique challenges, one thing is certain - women who get gray divorces suffer more than men. For many older women, a gray divorce signals the end of a marriage in which their husbands were the primary breadwinners.

Divorcés must deal with expenses as single individuals

In Arizona and across the United States, the end of a marriage is often a negative psychological experience surpassing most emotional upheavals. After a divorce is finalized, legal issues can harm a spouse's financial state of affairs. A person who does not view the settlement with a focused mind may discover that it is impossible to live alone. Couples who divorce after being involved in lengthy marriages may face even more devastating financial circumstances.

Common reasons why people divorce

When people in Arizona decide to divorce, there are a number of factors that can lead up to that decision. Research has found some common factors motivate people to decide to end their marriages. In general, most people get divorced because of a lack of emotional fulfillment and associated circumstances, according to one study of 2,371 recently divorced people. In 44% of the cases, the respondents initiated divorce proceedings themselves while 40% said the divorce was initiated by a spouse. For the remaining 16%, the divorce was a mutual decision.

Entrepreneurs should consider a prenuptial agreement

Prenuptial agreements have become increasingly popular in recent years for a number of reasons, and they can be especially beneficial to small business owners in states with community property laws. In states like Arizona, marital property must be divided equally in a divorce even if the marriage involved was a short one. By drafting a prenuptial agreement, couples can decide for themselves how their property will be distributed should they choose to end their marriage.

Protecting financial interests when couples remarry

As some Arizona couples have discovered, remarriage often leads to concerns over finances. About 40% of recent marriages involve a spouse who has been married before. For older adults, the number is higher since two-thirds of Americans ages 55 to 64 have been previously married. Regardless of age, a previously married spouse can bring a lot of financial assets and baggage.

Divorce may be more likely in the summer

August is one of the peak months for Arizona residents and others to get divorced. This was one of the main takeaways from a study conducted by researchers from the University of Washington. March, September and January are also months when divorce rates tend to increase. Those who think that their marriages are on shaky ground may want to start preparing for a divorce as soon as possible.

What to do about retirement savings in a divorce

Divorce can present a number of challenges to retirement plans for people in Arizona. If each person has been saving for retirement and has a roughly equal amount of savings, they might each decide to keep their own retirement account. This can be a simple way of dealing with property division.

How student loan debts can be handled in a divorce

It isn't uncommon for married individuals in Arizona and throughout the country to have student loan debt. When that debt is acquired could play a role in how it is managed in a divorce. Generally speaking, debts accumulated before a marriage remain the responsibility of the person who accumulated them. Debts that were accumulated after a marriage begins could be considered marital property. This means that both parties to the relationship could be liable for repaying them.

Divorce concerns for small business owners

Arizona business owners may have unique concerns when they begin to suffer marital difficulties. Of course, the financial consequences of a divorce can persist long after the emotional and practical issues have been resolved. For the owners of small, closely held companies, the effects can be felt more severely than usual. In many of these cases, the business itself may be the largest marital asset and a major source of the couple's income. Therefore, they may worry that the future of the business is at stake, especially when the couple cannot continue to work as partners after the divorce.

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