Divorce brings many changes, particularly to finances. And as many Arizona residents have discovered, one of the financial aspects that can be significantly affected by divorce is retirement. While divorce often means having to restructure retirement plans, the process can be completed while still protecting some of the benefits each person receives.
When you first got married, you never could have imagined that you and your spouse would be eager to break ties years later. The reality, though, is that it has happened. You are headed for divorce.
Child support payments in Arizona can be significantly lower than those right across the border in New Mexico, according to one study. Custody X Change, a smartphone app marketed to single and divorced parents to manage child custody and visitation schedules, used hypothetical data for a family in all 50 states to measure the differences in child support payments. Under federal law, each state is free to set its own child support guidelines, and the differences can be striking. In order to obtain clear results, they used the same family structure and income from both parents in all 50 states.
Arizona parents who decide to divorce could face major changes in how their families function. While most parents hate to spend more time away from their children than necessary, divorce usually comes with some level of shared time between the exes. There are a number of different configurations for child custody, reflecting the fact that each family is unique. While joint or shared custody is becoming much more popular in family courts, there are also a number of reasons why families may choose one parent to maintain primary physical custody.
Small business owners in Arizona who get a divorce may face a number of complex financial issues. The business may be the biggest asset the couple has. In some small businesses, it can be difficult to separate business and personal expenses, but this is necessary in order to get a value for the company for the purposes of property division. It is also necessary for determining child and spousal support.