Frequently Forgotten Divorce Asset
Loss carry-forward is a frequently forgotten asset in divorces. Whether the loss arises from the operation of a business (Net Operating Loss) or sale of stocks (capital loss), it is a valuable asset which may be used to offset either future income or capital gains.
Currently, the Internal Revenue Code restricts claiming capital losses in excess of capital gains up to $3,000. However, since losses can be … Read More
Categories: Family Law
How Does Debt Work in a Divorce?
Divorce includes the division of assets and debts. Frequently, it is easier to divide assets than to divide debts. Both credit (including store) cards and mortgages present unique problems when divorcing.
Creditors, such as banks and lending institutions, are not bound by the terms and conditions of a divorce decree and property settlement agreement. The third party lender considers both borrowers to be … Read More
In a Divorce, What is an Affidavit of Financial Information and why does it Matter?
An Affidavit of Financial Information ("AFI") is a family court-approved form that is utilized in divorce cases for a number of purposes primarily where child support, spousal maintenance and/or attorney fees are at issue.
The AFI is provided under oath and is intended to inform the family court of a party's overall financial situation including both income and expenses in order to provide the family … Read More
Sexual Materials and Divorce
The world of divorce can be a messy and scary place. One area that is problematic is when a couple, during happier times, engaged in filming or photographing nude or sexual acts, which were done merely to illustrate the couples love for one another. However, once the love is gone and a divorce is pending, possession and ownership of the materials can become a nasty fight.
I recently read an article in … Read More
Do I Have to Appear in Court or Testify in My Divorce Case?
It is not essential that you ever appear in Court (or before a Judge) in your divorce case. In the vast majority of cases, the parties never appear in court for any hearings or a trial on the merits.
Maricopa County cases typically require a simple status conference - known as a Resolution Management Conference ("RMC"). This is merely an opportunity for the Court to become familiar with your case and … Read More
Should You Modify Your Child Support Obligation?
In order to qualify for modification of your child support obligation, Arizona Revised Statute §25-327 requires changed circumstances that are considered both substantial and ongoing. Typically, from a mathematical point of view, a 15% change is generally regarded as satisfying this requirement - whether an increase or a decrease.
Typically, child support may be modified when one or more of the following … Read More
How is Child Support Calculated in Arizona?
In Arizona, child support is calculated pursuant to the Arizona Child Support Guidelines under Arizona Revised Statute §25-320. However, it is the data inserted into the Guideline calculation which will determine the amount of child support to be paid.
There are a number of variables which will determine the ultimate child support amount. The following factors are typically considered:Income of each party; … Read More
Can I Move Out of State with My Child?
You are employed at Intel. They decide to move the R&D facility to Utah and unless you move with your team, you are out of a job. However, your former spouse has a stable job in Tempe and has parenting time with the children one-half of the time and most certainly has no desire to give up his or her parenting time. It is lose-lose situations like this that make "relocation" cases one of the most … Read More
Should I have a Premarital Agreement?
A prenuptial agreement is a binding legal document between a prospective husband and wife, which addresses the financial consequences of their marriage ending.
Technically, all couples who are married already have a "prenuptial agreement" - it is the particular divorce laws of the state. In Arizona, for example, absent a prenuptial agreement, community property principles will apply to all financial aspects of the … Read More
Business Valuation in Divorce Proceedings: Understanding of the Basic Approaches to Value
In many cases, one of the most contentious and difficult issues in a divorce proceeding is the valuation and distribution of marital property. When the marital community owns an interest in a business, this process can be complicated and expensive. Often, the community's interest in the business is the most valuable asset of the marital estate. Whether you are the "in" or "out" spouse, it is … Read More