Couples in Arizona 50 and over who choose to end a marriage understandably have many concerns, but one of the most pressing ones is often retirement security and savings. However, the Tax Cuts and Jobs Act of 2017 will change how certain assets are divided starting in 2019. The most noticeable adjustment to tax guidelines concerns alimony. Spousal support payments will no longer be deductible by the paying party or claimable as income by the recipient.
It may have been a few years since you finalized your divorce and one of the thing you may not have taken into consideration at that time is just how different your life would be today. You may have found that the child support payments that were once manageable are now a struggle. Have you ever wondered if you could modify your child support payment? The good news is, yes, there is a process in the state of Arizona that can assist you in getting your child support payment either raised or reduced.
Parents in Arizona who are getting a divorce might wonder how custody will be decided and about the relationship between custody and child support. There are two kinds of custody: legal and physical custody. The first deals with a parent's right to make important decisions about a child's upbringing, such as what religion the child will practice, or about healthcare. The other deals with how much time the child physically spends in each parent's home.
An Arizona parent who owes back pay on child support but needs a loan to purchase a home may feel backed into a tough situation. It's important to understand that owing child support is considered a derogatory credit event. This can impair one's chances of obtaining an approval for a mortgage.
As some Arizona parents know, difficult situations can sometimes lead to losing custody of their children. While this experience can be incredibly painful, it is not always permanent as there are some steps that can be taken to attempt to regain custody of the children.