Divorce is rarely easy for any Arizona resident to get through. The division of marital property is probably one of the most taxing emotional times a divorcing couple in Arizona has to face. It is, however, something that has to be done before each of the partners can start their new lives.
There are some steps couples without a prenuptial agreement can take to protect their assets. It is important for partners to compile a statement of their individual net-worth. By establishing a partner’s net-worth, each individual will be able to identify individual and marital assets. The exercise also allows the couple to establish the debts each has.
The couple may also wish to realistically list their estimated living expenses, as well as any projected income from all possible sources. In this way, the couple can establish what the income each partner will need in order to cover expenses. It is also necessary to take a long-term view and establish how the settlement would influence each partner’s retirement. However, short-term impacts, such as the effect the settlement has on cash flow and education needs, has to be considered as well.
During the negotiation regarding the division of marital property, couples may wish to keep in mind that they have to consider who will become the beneficiaries of their insurance policies and retirement plans. When children are involved, it is important to consider the possibility of one of the parents passing away unexpectedly and the effect this may have on child support payments. The settlement agreement may even require each parent to take out life insurance to secure the children’s future.
Division of marital property can difficult and complicated, but it does not have to be impossible. Divorcing couples in Arizona may find that mediation is needed to assist in reaching the best possible settlement for each party. The assistance of a person to act as a go-between can help the couple avoid some of the pitfalls involved in reaching a divorce settlement.
Contact Our Phoenix Divorce Lawyers
If you are feeling overwhelmed from,the division of marital property, our Phoenix divorce lawyers can help. Call the Law Offices of Janice M. Palmer, P.C. at (480) 820-4771 or toll-free at (888) 352-7725 for a consultation.
Source: investopedia.com, “How To Manage Your Finances Through A Divorce“, Leslie Kramer, May 16, 2014