In this issue, I’d like to discuss the biggest, most common mistakes I see in “completed” AFIs. Fixing these, mind you, comes with lots of benefits for you.
Money that you—or he—inherit is automatically classified as “separate” property. So is money that’s awarded to you from a lawsuit. So what’s yours is yours, and what’s his is his. Simple, right? Nope.
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This might seem like a silly question. “Are you over-taxing your clients?” You’re not a tax collector. You’re not the IRS. You’re a family-law attorney. And no, I’m not talking about “taxing” in the figurative sense, like “putting a burden on them.” I’m talking about good old-fashioned death-and-taxes taxes.
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I see it all the time. Family-law attorneys opt to bring me in to a case, as a financial expert, only when they “hit a wall” on something specialized, far downstream in the case. For everything else, they’ve “seen it all,” and “done it before,” and so all of that “basic” stuff is regarded as a do-it-yourself or DIY project.
Well, that certainly sounds ominous, doesn’t it? “Divorce is just the beginning.” Of what? Something better? Something worse? It could, actually be either. It’s a choice. And it’s up to you.
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As a family-law attorney, I know you like to get a sense of closure when you wrap up a divorce case. Once you get the decree, you’re ready, mentally, to move on to other cases.
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But the bank account is in his name! I hear this from divorcing women all the time, who feel not only powerless, but penniless. Good news: The mere title of the account means nothing in the eyes of Arizona divorce law. His name might be atop the bank account. But if you were married, it’s community property. Half of that is yours.
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