When people in Arizona get a divorce, it could lead to a reduction in their financial stability and that stretches into retirement. This may be particularly true for older adults who are already near retirement and who are getting divorced at much higher rates than in the past. A study by the Center for Retirement Research found that people who were divorced were 5 percent more likely to run out of assets. However, this did not appear to be true for divorced single women.
Divorcing couples in Arizona are required by law to keep some things the same as long as they are legally married. This may mean paying for an estranged spouse's health insurance and keeping them as the beneficiary on retirement accounts. However, there are a few things a spouse has the option to change while a divorce is still pending.
When some Arizona parents are ordered to pay child support, they attempt to shirk their financial responsibilities by becoming voluntarily unemployed or impoverished. Essentially, this means that a person may voluntarily leave his or her job or stay unemployed even when he or she has the opportunity to work. Some individuals may even work under the table so that their income is not reported.
A parent in Arizona who loses a job is not automatically allowed to pay less in child support. If the parent is eligible for unemployment, the unemployment office needs to be notified about the child support order. Child support payments will then be deducted from the unemployment benefits.