For many spouses, the divorce process is unfamiliar territory. It can be difficult to know which decisions are best during what can be a tumultuous time. That said, the financial decisions made during the divorce process can have lasting ramifications, so spouses should make every effort to structure a smart property division strategy. For those in Arizona who expect to receive child support or alimony as part of their divorce settlement, there are a number of considerations involved.
In some Arizona marriages, the single largest marital asset owned by the couple is the home in which they live. When a couple divorces, a decision will need to be made about what to do about the marital home.
Although collaborative law is a somewhat new area of practice in Arizona, it offers divorcing parties the opportunity to work through the issues and reach an agreement without litigation. Both the parties and their lawyers work together in an effort to find a resolution that is acceptable. A collaborative approach may allow the process to be completed efficiently without a third-party making decisions in which neither party has a say.
Arizona residents who are going through a divorce may want to learn more about property division laws. While determining who gets what in a divorce settlement, gaining a solid understanding of what is defined as community property and what isn't may help to prevent some disputes from arising.
Arizona residents who raise their grandchildren are not alone. U.S. census figures from 2010 show that 4.9 million children are raised by their grandparents. Agencies and communities have come up with ways to help older citizens who are taking care of minors when circumstances no longer allow children to live with their parents.
The founder of the $20 billion investment company Citadel LLC has initiated divorce proceedings with his wife of 11 years, who didn't know of his decision ahead of time. The couple had been separated for a year, and the filing asked for joint custody of the couple's children. While the founder wanted to share custody of children, he was less inclined to share wealth. A prenuptial agreement the couple signed in 2003 stipulated that Citadel's assets would be protected from any property division in the event of divorce.
Arizona couples who own a home together may be interested in an article discussing some of the issues related to property that might come up during a divorce. If the correct steps are not taken, one of the parties may be stuck paying for a house that they no longer live in.
Arizona couples seeking a divorce might benefit from a June 3 report about asset division. An advisor had counseled two clients who had been married for over 40 years.