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DeShon Laraye Pullen PLC Board certified Family Law Specialist*

What Arizona residents should think about during a divorce

A divorce can be a contentious and emotional time. Therefore, it is important to make sure to stay organized and levelheaded throughout the entire process. The first step that one going through the process needs to take is to gather as much information as possible. Collecting tax returns, bank and other financial statements and anything that proves that property was acquired either before or outside of the marriage can help the asset division process along.

After that has been completed, it is important to assess debts and make sure that any divorce settlement takes into account possible income tax consequences. While it may seem like an emotional victory to get as much as possible in the settlement, future capital gains taxes on the sale of property received can mount up.

Thinking about debt and tax obligations can help a person start a new life after the split has been finalized. If a person has a lot of personal debt, it could be difficult to open a bank account or get a credit card. Therefore, it is critical to take care of those things before the divorce is finalized. Finally, it is advisable to update or adjust applicable insurance policies to ensure that an adult and any dependent children are covered in case of emergency.

Those who are going through a divorce need to ensure that they are financially and emotionally secure before, during and after a divorce. To help accomplish this goal, it may be worthwhile to consult with a divorce attorney who may be able to review the case and help a client negotiate a satisfactory settlement agreement.

Source: The Courier of Montgomery County, "Financial items to consider during a divorce", June 21, 2014

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DeShon Laraye Pullen PLC and founding attorney DeShon Laraye Pullen received many prestigious honors, including: Small Firm of the Year, Family Law Litigator of the Year, selection to Arizona Super Lawyers and a Superb, 10.0 Avvo rating.

Rated by Super Lawyers | Deshon Pullen AVVO Rating 10.0 Superb | Top Attorney Family AVVO Clients Choice 2012 | Family Super Lawyers Attorney At Law Magazine | Specialty Law Firm Deshon Pullen Sustain Member | Arizona's Finest Lawyers Top Lawyer 2013