We've been talking a lot about property division lately in our posts, both with respect to the case of oil baron Harold Hamm and dealing with debt in prenuptial agreements. Here we'd like to take it a different direction and discuss an issue that is important for many people going through divorce. This is the issue of how the family home is dealt with in divorce.
In our last post, we began talking about the issue of keeping the family home in divorce, an issue which can be somewhat contentious in divorce. As we noted, couples are not always able from a financial standpoint to keep their home, especially when a refinance is not possible.
In our last post, we began speaking about addressing debt in prenuptial agreements. As we noted, Arizona law provides specific guidelines for how community and separate debts are to be paid in the event of divorce, and it is important to be aware of these before hammering out a prenuptial agreement.
When most people hear about prenuptial agreements, they tend to think of an agreement that deals with how assets are to be divided in the event of divorce. This is correct, of course, but it is certainly not the whole picture, as prenuptial agreements can address a variety of other matters as well. One of the issues a prenup can and should address, but which is sometimes not thought about as much, is the division of debts in the event of divorce.
Back in August, we wrote about the impending divorce case of self-made oil baron Harold Hamm. At that time, commentators were saying that the Oklahoma fracking tycoon's divorce could be one of the most expensive split-ups in history. This was being said because, according to Hamm's wife, his business has increased its wealth by $17 billion since the couple was married 25 years ago. Depending on the way Oklahoma property division was to be applied in the case, a lot was potentially at stake.
In our last post, we began speaking about how judges in Arizona go about making determinations of spousal support. Again, the first thing judges need to determine is whether there is any entitlement to spousal support, and then how much the entitled party should receive over how much time.
Spousal maintenance, also called alimony or spousal support, can be an important resource for a disadvantaged spouse after divorce. It can also be a significant burden to the paying spouse. When considering the issue of spousal support in Arizona, judges have broad discretion to award or not.
In divorce, it is not always an easy task to separate from a spouse in every way. This is particularly the case when there are children involved and both parents want to continue to be involved in their lives. It can also be the case when one or the other party wants to keep the family home but is unable to have the other spouse removed from the mortgage.