What is a premarital agreement?
A premarital agreement can make the process of marital property division much easier. A premarital agreement is created before you get married and it can address issues like ownership of a business and other property. It can also address spousal support, but not child support. Learn more about what a premarital agreement is and how it can affect property division during the course of an Arizona divorce.
Do I have an interest in my spouse’s separate property in Arizona?
Division of property is essential in divorce, and Arizona is a community property state so each spouse should be guaranteed half of all martial assets. However, separate property is not typically divided in divorce and you do not have an interest in your spouse’s separate property. Questions may arise regarding what exactly constitutes separate property, so learn more here about this concept.
What happens to retirement accounts in divorce?
You may have an interest in your spouse’s retirement accounts when your marriage is over. Retirement accounts can be considered community property. Unfortunately, dividing these accounts up can be difficult because you may not have access to retirement benefits right away and because cashing out accounts could trigger tax penalties. There are options, including a Qualified Domestic Relations Order (QRDO) to make sure you get your fair share of a spouse’s retirement account that you are entitled to. Learn more here.
Do I need to determine what my family business is worth during divorce?
In Arizona, a family business can be considered community property depending upon how the business is owned. If you have a family business which is owned by both spouses and the marriage is ending, a decision will need to be made on how ongoing operations should run. In some cases, one spouse keeps the business and the other gets different assets of equal value. Correctly valuing the family business is essential when making choices on property division in a divorce. Learn more about family business valuation in Arizona divorce.