Yuma, AZ – The most serious consequences of a divorce tend to be tied to finances. Some people can lose significant amounts of property, assets, savings, and be subject to long term payments such as alimony and child support. Awareness of exactly what types of planning are necessary is crucial.
The only way a person can receive some kind of protection from these monetary problems is to get help from an attorney and any other financial professionals who may be necessary during the divorce process.
Making an inventory of investments
If anyone has stocks, bonds, real property used for investment purposes, or other types of investments, these should be inventoried. It is likely that these will have to be disclosed at some point during the divorce process, and there can be consequences for anyone who attempts to hide income and assets during their divorce. An attorney can give specific advice regarding how Arizona’s community property laws may affect any particular investment item or asset.
Liabilities for the previous years
It is possible for anyone who has debt tied to credit cards, auto loans, personal or business loans, and other types of accounts to request records of things like statements, balances, and transaction history. These types of debt may be at issue in the divorce, and people who have had long marriages should spend some time to track down records of any shared accounts that have been in the names of both parties.
Insurance is a significant expense for many married individuals. Married couples are normally listed jointly on things like health insurance policies, auto insurance, life insurance protection, and various other kinds of insurance. Information from all of these policies should be available during the divorce process, and there may be certain steps that can be taken to help minimize each person’s financial burden associated with maintaining each policy.
Expenses tied to children
The couple should know approximately how much money is being spent on any children that they have. This can include education expenses, healthcare, daycare, necessities like food and clothing, and transportation. It is common for the costs of raising a child to become an issue if there is a custody dispute or support payments are ordered. Some individuals may also be paying child support to another parent from a previous marriage, and information about these amounts should be available.
Assistance from a divorce attorney in Yuma
Schneider and Onofry is an experienced family law practice that works with clients in the Yuma area. They can provide advice to anyone who needs assistance during a divorce, custody hearing, or other aspects of family law cases.
Firm contact info:
207 W. 2nd St., Yuma AZ 85364