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Why is Asset Protection So Important in a Divorce?
Like many states, Arizona is a community property divorce state. In a community property state, divorcing spouses must equitably divide all marital property in a manner that’s fair if not strictly 50/50. The way the spouses or the judge divides the entirety of the couple’s property depends on when and how they acquired each…
What to Know About Divorce and Taxes
In the beginning phases of a divorce? A number of tax difficulties need to be resolved to ensure that taxes are minimized and that crucial tax-related action is taken properly, in addition to the difficult personal issues you are currently facing. Here are some things to think about if you’re going through a divorce….
To Keep or Sell the Family Home: A List of Pros and Cons
The house is one of the most contentious issues in a divorce. Homeownership is important in a couple’s finances and might mean a lot to one spouse who is financially dependent on the other. Furthermore, the residence may have considerable emotional significance for one or both spouse. After all, you bought it when you…
Business Ownership & Divorce in Arizona
Divorce’s Impact When One or Both Spouses Own a Business Let’s look at what happens during a divorce in Arizona when one or both spouses own a business. You can also learn about dividing your family business during a divorce in AZ here. Defining Arizona Community & Separate Property Arizona is what’s known as…
Implementing Reverse Mortgages in Mature Divorce
When a mature couple files for divorce their Arizona marital home is often mortgage-free, a valuable asset that must be divided. Along with deciding which spouse shall remain in the home (assuming the property is not sold as part of the divorce and the proceeds divided), an important consideration is the availability of a…
ASRS Lacked Authority to Limit Former Spouse’s QDRO Preserved Survivor Benefit
Former wife’s rights to survivor benefits of retired former husband were preserved by a valid QDRO and Arizona State Retirement System had no statutory authority to limit her rights as a contingent annuitant. Sharon DiGiacinto v. Arizona State Retirement System Arizona Divorce Decree with Domestic Relations Order The spouses were married in 1983. In…
LLC Operating Agreement with Arbitration Was Postnuptial Agreement
In this consolidated divorce action, an LLC operating agreement with an arbitration provision was found to be a postnuptial agreement affecting a spouse’s separate property. The after-marriage property transactions that took place in this case involved a limited liability company, two irrevocable trusts, and one revocable trust. Valer C. Austin v. Josiah T. Austin…
Husband’s Petition to Enforce Property Division in Arizona Divorce Not Time Barred
Former spouse’s petition to enforce the property division in the divorce decree was not time-barred by statute of limitations under ARS § 12-1551 in this Arizona case summary. Lauren M. Jensen v. Peter D.J. Beirne Division of Community Property in Arizona Divorce The court entered the parties’ divorce decree in June 2005. As part…
Husband’s Gun Collection Divided in Arizona Divorce
Division of gun collection as separate and community property upon divorce affirmed in Arizona case summary. Jacqueline Foster v. Charles Sidney Foster Husband Collected Guns During the Marriage Married in 1957, the spouses raised three children, including a daughter named Missy. Husband was a gun collector who bought and sold guns, and who also…
Dividing Family Pets As Property in Arizona Divorce
In every divorce, there will be some emotionally challenging decisions. One of those decisions revolves around determining the future of the family’s pets. With children, negotiating a parenting plan naturally gives rise to questions about living arrangements for the family dog, cat, horse, bird, rabbit, or hamster. Even where there are no minor children,…