Women who have relied on their husbands to make the financial decisions in their marriages may encounter problems should the marriage dissolve after many years. In Arizona and elsewhere, not only could gray divorce -- or divorce after the age of 50 -- mean a significant loss of income, it could also spell the need for some, mostly women, to learn to manage finances on their own. In fact, more than 55 percent of married women leave the financial aspects of their marriages to their husbands.
When an Arizona couple decides that the marriage is no longer viable, there are a number of things that must be considered. Typically, who will get the house and how will assets be divided are top of mind during the initial divorce negotiations. However, in addition to these important decisions, how debts will be handled needs to be addressed.
Misinformation is an unfortunate part of life nowadays, and when it comes to the world of family law and divorce, there are plenty of ideas that have been pushed around that are either inaccurate or false. One of these ideas is the notion that child support payments can only be used in certain circumstances, or that the payments are limited in their scope. We are here to tell you that this is wrong. Child support payments can be used for many different financial costs.
Arizona Divorce 101 - How does it all work?
On Monday, May 17th, 2017, The United State Supreme Court ruled on the case Howell v. Howell, a case RPM Law has been following closely, and wrote about earlier (here).
The Supreme Court decided the case we previously wrote about here (http://www.matthewrandlelaw.com/.../military-retirement-divor...)
Most people who served or are/were married to someone who served, have heard that you either draw Military Retirement Benefit or VA Disability Compensation. The basic principal behind this is that you cannot double-dip from both money pots. As such, especially in light of the fact that someone can "waive" their Military Retirement(which is taxable) and get VA Disability(not taxable) instead, to get a couple extra dollars, most people choose the tax-free VA money as soon as it is an option.
If you or your spouse are a retired service member that is divorced or divorcing, I have some news for you: in Arizona, the benefits that are received for military retirement can, and likely will be divided, in part, between you and your (soon-to-be) former spouse. That is because Arizona is a Community Property State, which in a nutshell means that any property interest acquired by either spouse during the time of the marriage belongs to both people and at divorce can be split in half.