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Financial considerations for divorcing couples

 

When Arizona couples divorce, a frequent area of concern is financial arrangements. These issues can include spousal and child support as well as property division. In some cases, important areas of a couple’s finances aren’t addressed at the end of a marriage. This can result in prolonged legal battles and in some cases the need for post-divorce modifications.

Emotions often run high during a divorce. As a result, one or both parties may be trying to avoid confrontation and further distress by attempting to craft a property division arrangement on their own. Unfortunately, some arrangements ignore important aspects of finances that can derail divorce proceedings and, in some cases, negatively affect the relationship between ex-spouses who are trying to co-parent their children.

Areas which require attention include tax consequences of certain types of property division. In a high asset divorce, tax issues can be incredibly complex so it may be necessary to bring in other professionals to offer advice. In addition, couples should not overlook responsibility for work-related benefits that both have shared in the past. For example, if one spouse has been covered under the other’s employment-based health insurance, that situation will likely have to change.

Many people may benefit from consulting with an experienced family law attorney so that they can gain a better understanding of the divorce legal issues that are likely to arise. In addition, an attorney may be able to spot areas of extreme complexity that will require input from finance or accounting professionals. By taking the time to complete a fair, comprehensive financial agreement at the time of their divorce, the former spouses may have a better chance of quickly adjusting to their new lives.

Tags: Divorce


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