Opening a joint bank account was once something couples did as a matter of course shortly after getting married, but almost one in three married millennial couples in Arizona and around the country prefer to keep their money in separate accounts. Young people often do this because they believe that keeping their finances separate will protect them in a divorce, but this is rarely the way things work out in the real world.
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.
Arizona couples who are getting a divorce should make sure they do not neglect insurance issues. First, if one person is covered under the other person's employer-sponsored health insurance, it might be necessary to seek a new plan. While it is possible to extend coverage on the employer's plan through COBRA for up to three years, this may be the most expensive option. The person playing the premium has to pay the employer's share as well as an administrative fee. Furthermore, this is still a temporary solution at best.
Arizona residents going through divorce know that negotiating financial issues can be challenging. Because of the emotions that are involved in separating from a spouse, determining what to do with the family home, dealing with pressure from family members and handling issues related to child custody, it's easy for an individual to feel overwhelmed and to give in to despair. It is recommended that a person concentrate their energy on solving the problems are in front of them as opposed to allowing their emotions to dictate the decisions they make. This is especially true when discussing financial issues.
Arizona fans of the Dixie Chicks may not be aware of the personal drama going on behind the scenes involving the band's lead singer, Natalie Maines. The singer is in a contentious divorce with actor Adrian Pasdar. The singer wants the prenuptial agreement that was signed before the marriage to be put into place and declared valid so the divorce process can be completed at a faster pace.
Depending on the details, different divorces in Arizona require different strategies. Some high-asset separations may require going to court and seeking witnesses. These individuals are often deemed "experts" who can provide important testimony on a contested issue.
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.
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.
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.
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.