Law Offices of Matthew S. Schultz, P.C.

High-Asset Divorce Archives

Addressing unique challenges involving cryptocurrency and divorce

Dividing assets during the divorce process is something that most Arizona family law attorneys deal with on a regular basis. However, they are facing a new issue. Cryptocurrency assets are presenting two specific challenges that throw a wrinkle into the equation during high-asset divorces.

Hurdles people face after a gray divorce

Individuals over the age of 50 in Arizona and throughout the country may be more likely to divorce than Americans in other age groups. While divorce can be challenging at any age, it can be especially challenging to do so later in life. For instance, there may be questions as to how to split a retirement account or when to claim Social Security benefits. In most cases, retirement accounts are treated as marital property.

The rich take a different approach to divorce

Jeff Bezos and his wife had assets worth about $137 billion at the time that they announced their divorce. Therefore, their divorce is going to look different than the ones most Arizona residents might go through. The most important question that will need to be answered is how the couple will divide their joint assets. In Washington, they are divided 50/50, which means that each would walk away with about $65 billion.

How tax changes could complicate gray divorces

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.

How tax reform can affect a divorce

Arizona couples who decide to divorce may see their financial plans affected by the Tax Cuts and Jobs Act, which passed Congress and was signed into law into December 2017. The financial aspects of divorce may outweigh the practical and emotional consequences of the end of a marriage, and this can often be the case when taxes are involved. One of the most significant changes put in place by the tax reform bill essentially reverses how alimony and spousal support payments are treated in the tax code.

The importance of a family business valuation during divorce

Every divorce in Arizona requires full disclosure of marital assets before proceeding with the property division process. When a marital estate includes a family business, the process becomes more complicated. A current valuation of the business must be completed. The couple will probably need to retain an independent party who can to examine the books and other assets to establish the value.

Survey highlights money surprises that hit women during divorce

Women in Arizona contemplating divorce might need to brace themselves for unexpected financial issues. A survey of 1,785 women found that 46 percent of them had experienced financial surprises when ending their marriages. Part of the problem arose from the high number of women who had not taken part in the management of marital finances.

Divorce in 2018

Arizona residents who are considering getting a divorce should be aware that the new tax laws could impact the financial outcome of a separation. Couples should consider certain factors before deciding whether it would be prudent to obtain a divorce in 2018 or wait until the next year.

Proactive steps to make divorces less painful

When couples in Arizona decide that they want to get divorced, it is important for them to take proactive steps to make the process less painful. With careful planning, spouses might be able to reduce the financial and emotional costs that divorce can bring.

How do you cope with a divorce during the holiday season?

While most people in Arizona are getting into the "holiday spirit," there are some people who may be having a more difficult time than others - those who are going through a divorce during the holiday season. A recent article, acknowledging the difficulty that some people may experience at this time, attempted to help those individuals with a specific question: How do you cope with a divorce during the holiday season?

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Law Offices of Matthew S. Schultz

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