Many Arizona married couples share all things equally regarding their finances. They have jointly owned bank accounts and are transparent regarding spending habits, savings and other financial issues. Other spouses, however, leave financial tasks to one or the other spouse. Either way, if a divorce occurs, both spouses must be aware of all assets and liabilities that will affect settlement.
A joint account or separate accounts? When it comes to money, assets and divorce, this can be an important question. Arizona is a community property state, so, for the most part, assets acquired during the marriage are considered to belong equally to both spouses.
To some Arizona residents, the family home is a priceless asset. No amount of money can take the place of the memories and dreams that are attributed to this sacred place. Yet, when it comes to divorce, this priceless item really does need to have a price put on it.
Finances are often a primary decision in each stage of the marital relationship. This can certainly be true when a Arizona couple decides that it is time to end the marital relationship. Financial aspects and property division are often an important part of the divorce process.
The writing is on the wall and it is only a matter of time before action must be taken. Once things get to this point, the Arizona spouse needs to begin prioritizing things and take stock of the current financial situation. Of course, it would be prudent if such action had already occurred; however, this is not always the case when a divorce is looming.
The process of ending a marriage is difficult, emotionally challenging and complicated for every member of an Arizona family. Divorce is rarely easy, but there are some simple ways to make this process a little easier. In turn, this can lead to a more reasonable divorce settlement and an easier transition into post-divorce life, especially for parents who will have to share custody of children going forward.
The trend with millennials has been to stay married once they do decide to marry. Divorce rates climbed in the country during the 1970s and 80s, and peaked in the mid-70s with 5.3 divorces for every 1,000 Americans. That number has dropped significantly, and it was it was 2.9 for every 1,000 Americans in 2017. That decline, some experts suggest, has to do with more millennials staying married and Arizona residents are among them.
A marriage breakdown is emotionally draining, and it can be especially so when it comes to the financial picture. Arizona residents going through a divorce and who have been carrying student loan debt may be wondering if their soon-to-be former spouses may be responsible for helping them to pay those loans since the division of property includes not only assets, but debts. If the student loan was taken out before a person got married, he or she is responsible for paying it; however, if that loan was secured during the marriage, it can become complicated.
When a married couple in Arizona decides to end their relationship, it is typically understood that there will be numerous issues to resolve before a settlement can be achieved. If the couple has children together, child custody and support issues will no doubt be high priorities. Property division is also another common main concern in divorce. This state operates under community property rules, which can sometimes spark a hidden asset problem if one spouse tries to gain the upper hand in proceedings.
The end of the year is a time for celebrating the past 12 months and looking ahead to the future. A lot of people in Arizona use this time to think about their goals for 2020 or which resolutions they should try out this year. Some, however, are planning something a little more significant. As New Year's Day brings in a brand new year, a significant number of people will be filing for divorce.