Some people in Arizona may be uncomfortable with the idea of a prenuptial agreement. They might worry that having one will make them more likely to divorce, that family members may object or that they might have to admit to embarrassing secrets such as debt or bankruptcy. However, creating a prenup can be a good opportunity to have an honest conversation about money.
Although the number of total U.S. marriages that end in divorce is consistently around 50 percent, there has been a slight decrease in that trend overall in recent years. When one looks at the marriages of people over age 50, however, the statistics tell a different story. Since 1990, half of all marriages for those over age 50 end in divorce. For those over age 65, divorce rates have tripled.
When couples in Arizona decide to marry, the last thing that may occupy their mind is how their wedding date could be related to their future happiness. Couples select wedding dates for a wide range of reasons. Sometimes, they select a particular date that is important or sentimental for the couple. At other times, couples choose a time and date that is most convenient for family or that offers a discount at the wedding venue. Others may choose a holiday or other special occasion. According to one study conducted at the University of Melbourne, there is a correlation between certain wedding date selections and a couple's later likelihood of divorce.
Divorced parents in Arizona can use the transition time that is the start of the school year to help their children with the transition of divorce as well. They may want to think about what they want their children to learn in the school year and talk to them about their goals and challenges.
Arizona residents who are considering getting a divorce may be concerned with how the process may affect their financial affairs. Instead of allowing the issue to cause them significant stress, divorcing individuals should take the important step of focusing on their finances, particularly their assets, income, liabilities and expenses.
Child support cases in Arizona and throughout the country have four different designations. They are labeled as IV-D, IV-A, IV-E and non-IV-D. A case may have several designations over time as the needs and circumstances of the parent and child evolve. A case that has an IV-D designation means that a custodial parent is receiving assistance from the Office of Child Support Enforcement. This may include help tracking the parent down or getting a child support order established.
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.
We duly note on our family law website at the Peoria Law Office of Katherine Kraus that asset identification, valuation and distribution in an Arizona divorce can quickly become a muddled and quite complicated matter.
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.
"On the other side of divorce is some freedom."