When couples get married, they never expect to one day get divorced. Unfortunately, not every relationship lasts forever. If a marriage does end, the best case scenario is to have an amicable split, where both sides come to a mutual agreement.
However, you also want to make sure you have the necessary assets to live your new life as a single person. Arizona is a community property state, which means everything acquired during the marriage is considered property of the couple and will be divided between the two parties. However, it isn’t always as simple as a 50/50 split.
Do you have a prenuptial agreement?
While many people think signing a prenuptial agreement is cynical, they can actually save you from big problems later. These agreements are especially valuable for people with large assets. Having one in place can help ensure you keep specific assets should your marriage end.
How to keep your retirement intact
One of the biggest financial concerns for divorcing couples is often retirement accounts. For many people, their retirement is one of their largest assets. Especially if you are responsible for the sole or primary income, you may feel entitled to all the retirement funds. However, under the community property law, you likely won't be.
This can be a difficult to navigate, as even accounts in your name or established before marriage can be considered community property if you made contributions during marriage. It is important to have a plan in place regarding your retirement so it is protected during a divorce.
Homes and other large assets
The family home, cars and other assets can be another point of contention in a divorce. In many cases, the sides reach a mutual agreement regarding their assets. However, sometimes, divorce leads to long legal battles.
Whatever the case may be, you have the right to protect your assets during a divorce.