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Divorce Archives

Dividing retirement assets during divorce takes time

When people who have been married for a long time decide to get a divorce in Arizona, they likely have many marital assets to divide. Retirement savings plans from work, like 401(k) plans and pensions, as well as Individual Retirement Accounts often represent significant assets that might require weeks or months to value correctly. Before plan administrators can distribute funds, they also need a court order called a Qualified Domestic Relations Order to release the money as part of a divorce settlement. The parties cannot simply request the funds themselves without going through the court on certain types of plans.

Why more millennials want prenuptial agreements

Arizona couples who are getting married may be more likely to first sign a prenuptial agreement than in earlier decades. The American Association of Matrimonial Lawyers reports an increase in the number of couples seeking prenuptial agreements, but a more recent development is a surge in millennials who want the document.

Financial shocks can accompany divorce

Divorce can often carry with it financial consequences that can be far more significant than the emotional and practical aspects of ending a marriage. When couples in Arizona decide to divorce, it can often be a harsh financial awakening for one or both divorcing spouses. This is borne out in a study conducted in which 1,750 divorced or divorcing women discussed the financial impacts of divorce. Nearly half of all respondents said that they had experienced financial surprises during the process, with younger women even more likely than older women to face a sudden shock.

Money problems commonly cause divorce

Arizona couples end their marriages for many different reasons, but the majority of them likely blame money problems of some sort for their split. In fact, some experts claim money problems are the top cause of divorce in America. However, if couples know what to look out for, they may be able to avoid both financial problems and divorce court.

Being proactive about finances after divorce is a good plan

Divorce is a time of turbulence and upheaval in most people's lives with long-lasting consequences. One way Arizona residents who are going through this process can prevent a negative impact in the future is by being proactive about their financial planning.

Couples hurry to finalize divorces in 2018

Arizona couples who are planning to divorce may have some extra incentive provided by federal tax law to act as quickly as possible to finalize their splits before the end of 2018. As part of a package of tax reforms, changes are coming to the handling of key issues. Many divorcing spouses may wish to avoid these changes and the potential they could represent for an additional tax burden.

Many divorcing parties might find this Supreme Court case relevant

Judicial ping-pong was certainly not envisioned by either an ex-wife or the adult children of a man from a former marriage who died leaving a life insurance policy. Both the former spouse and the kids voiced a clear-cut claim to the proceeds, expecting to win based on bedrock notions of American law.

Restrictions that may happen during the divorce process

People in Arizona who are going through a divorce should be aware that there might be restrictions on how they use money, their movements and even where they go with their children. While laws vary from state to state, there are some broad guidelines that should be followed. One divorce attorney was surprised to learn that in her own divorce, she had to pay her husband's health insurance for several months. During a divorce, the insurance situation between spouses must stay the same. The courts are mindful of the high cost of health care, and one spouse is not permitted to remove the other from an insurance plan before the divorce is finalized.

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