Arizona Divorce and Financial Security: The Settlement Agreement
We talked recently about the idea of community debt in Arizona and how it might affect you after a divorce, but we know that you have other financial concerns, too. When it comes time to negotiate a settlement agreement, keep in mind:
- Your retirement plan may not kick in as soon as you think. Due to changes in Social Security, your benefits may not begin at the age of 64. In fact, you might not receive benefits until you’re 67.
- You may be paying extra for health insurance. It may be necessary for you to obtain health insurance for any children involved, or it may be necessary to pay more in child support to cover those costs. Additionally, if you’re covered by a health plan at work, your spouse may have a right to coverage under that plan for a few years after the marriage.
- Your cost of living may increase after the divorce. Especially if you have children, maintaining your lifestyle can become very difficult if you’ve been depending on a second income from your spouse.Keeping up with your necessary expenses and monthly bills can quickly get you in over your head if you’re not prepared.
How your settlement agreement is negotiated has a huge impact on your financial security after a divorce. Hiring an experienced Phoenix divorce lawyer is a tremendous help, and we are devoted to providing clear, honest answers to your difficult questions. Give us a call as soon as possible at 1-888-929-5292. Also, don’t forget to request a free copy of our book, Arizona Family Law – How to Handle Tough Issues in Tough Times. We look forward to speaking with you.