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Posts tagged "divorce"

Alimony payments can be tax-deductible

Arizona couples whose marriages are ending can benefit from arranging to treat spousal support in specific ways in order to make the payments tax-deductible. The subject is the source of frequent disputes between the IRS and divorced taxpayers, but there are ways that people paying alimony can help to ensure their payments are properly deductible.

Many women leave marriage at a financial disadvantage

Dissatisfaction and other emotions drive people to seek divorces in Arizona. However, the decision often inflicts more lasting financial damage on women than men. Due to the gender pay gap and other factors, women may have limited resources when they begin their newly single lives.

Prenuptial agreements may be a good thing

Arizona residents who are planning to get married might be concerned when their partners want them to sign prenuptial agreements. Discussing one does not mean that the partners are planning for their marriages to fail and may offer benefits to the marriages and both parties.

Affording the family home after a divorce

When an Arizona couple is going through a divorce, dividing up the property can become a point of contention especially if both individuals have separate goals. For example, one person may wish to retain ownership of the family home if there are children involved, as this can help keep their home life stable while everything else is changing. While keeping the home can be beneficial, there are some financial hoops a parent going through a divorce may have to jump through.

Divorce and health care insurance

Arizona couples who are considering a divorce may be interested in putting their plans on hold due to the state of health care in the United States. Some people are concerned that they may not be able to get health insurance after their divorce due to pre-existing conditions and a potential increase in costs.

Financial considerations before remarrying

When Arizona residents who have gone through a divorce enter into new marriages, they will be creating a new financial union. If one or both partners have children from another relationship, they will be forming a blended family with stepchildren and stepparents. Prior to the marriage, financial planners recommend that partners disclose their financial situations and discuss how to address immediate and long-term expenses for the children as well as saving for retirement. Some people might choose to execute a formal prenuptial agreement, but having a conversation about these issues might suffice for other couples.

Getting finances ready for a divorce

Couples in Arizona who are considering getting a divorce should consider the effect a separation could have on their finances. In order to prepare their finances for a divorce, there are certain steps that each party should take.

Contact

Law Office of Michael A. Johnson, P.C.
177 N Church Avenue
Suite 311
Tucson, AZ 85701

Phone:
Tucson Law Office Map

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