How Mediation Works First, the parties must decide that they are able to discuss and consider their issues with each other through mediation. The parties may decide to initiate a free telephone consultation with one of our attorneys. Then, the parties make an appointment and come to our office. Be aware that the proceedings … Continue reading Mediation: A step-by-step process
The Response If your spouse/partner filed the action against you, you must file a responsive pleading. You have a time limit, so make sure you know what it is. If you were served in the state of Arizona, you have 20 days to respond, if you are out of state, you have 30 days. Your … Continue reading Before Divorce and the Impact of the Temporary Injuction
You and your spouse may decide this for yourselves, but it is important to note that Arizona is a community property state. In accordance with Arizona Revised Statute ?25-211, community property is all property acquired during the marriage by the efforts of either party through the date of service of the Petition for Dissolution. The … Continue reading How Arizona Law Sees Division of Property
A common question spouses have is whether they should get a legal separation instead of a divorce. The answer depends on what you are trying to achieve. If you want some financial protection, or you want to continue your health insurance, a legal separation will accomplish both. If you want to get remarried, you need … Continue reading Separation or Divorce?
10. Capital Gains Taxes and Appreciated Assets The spouse who winds up owning an appreciated asset (fair market value in excess of tax basis) must recognize taxable gain when it is sold. In other words, if you are the one who ends up with appreciated assets like stock or real property, you’re on the … Continue reading Identifying the Tax Consequences of Divorce Part 4
6. My spouse was awarded some of my vested stock options in our divorce. Who pays taxes on what and when? The transfer of an interest in vested stock options incident to a divorce is not a taxable event. However, income is reported when the former spouse exercises the stock options. The specific issue of … Continue reading Identifying the Tax Consequences of Divorce Part 3
4. Which parent gets to claim the child as a dependent? Arizona has specific guidelines for the assignment of the federal tax exemption for dependent Children that are established in Section 27 of the Arizona Child Support Guidelines. Here is the relevant text from Section 27: All the federal and state tax exemptions applicable to … Continue reading Identifying the Tax Consequences of Divorce Part 2
Cindy Best from the Best Law Firm will be a presenter at the Nuts & Bolts of Divorce Law event held at the Phoenix Airport Marriott on Thursday, February 28 2013. Cindy will be presenting “Identifying Tax Consequences of Divorce” Divorce cases require a knowledgeable, confident and perceptive attorney who not only knows basic procedures … Continue reading Nuts & Bolts of Divorce Law 2/28/13
At some point your family law client will have some basic issues regarding the tax consequences of their divorce. This material may provide you with some answers to frequently asked hypothetical questions, and may also identify some more complex issues that you may need to be made aware of. While it is important to have … Continue reading Identifying the Tax Consequences of Divorce Part 1
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