Equalization Payments Post-Divorce
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When dealing with a family matter issue, you do not have to go at it alone. Give us a call and we can discuss the entire case during a comprehensive attorney consultation.
Let's Discuss Your Case - We're Here For You.
When dealing with a family matter issue, you do not have to go at it alone. Schedule your comprehensive attorney consultation now and we can discuss the entire case.
Division of assets and debts can be a hotly debated issue for any divorcing couple. It can be a challenge to arrive at an equitable split, and it is not uncommon for the issue to be litigated in the courts. However, creative thinking, and a willingness to explore options in mediation or settlement negotiations, can go a long way in resolving the difficult matter of dividing property.
At the Phoenix law office of Gary J. Frank, P.C., we have extensive experience guiding clients through the process of divorce. Our experience and knowledge of divorce law are direct benefits to our clients as they attempt to untangle their property issues and proceed into their new lives.
Property Equalization Payments
It is not uncommon for an amicable divorce to turn contentious over property division. Whether it is a family business, a home, vacation properties, a valued personal item, or division of bank, brokerage, or retirement accounts, couples are often overwhelmed by the task of dividing the marital assets and debts. Sometimes a party has a significant emotional attachment to certain assets. Other times the parties are stopped in their tracks by fear and uncertainty. One way to overcome your fear and arrive at a fair division of your marital assets is to consider the notion of “Property Equalization.”
Dividing Property Equally
Arizona law requires marital property to be divided “equitably,” which is defined as being substantially equal. Liquid assets (such as monies in bank accounts), can be easily divided; but other property (like automobiles, furniture, etc.) cannot be cut in half. When one party receives an item of property of greater value than the other party, an equalization must be made. Put simply, a property equalization payment is intended to equalize the final division of property between parties to a divorce. It can be paid in a lump sum cash payment or by installment payments; or it can take the form of an item of property given to one party which will make the overall property division equal.
There are times where a person will choose to take an amount in cash as an equalization instead of receiving spousal maintenance. Unlike spousal maintenance, which is taxable to the person who receives it and deductible to the one who pays it, a property equalization payment does not result in a taxable obligation. There are pros and cons to this approach. The decision whether to structure a payment as spousal maintenance or an equalization payment should be made only after a careful and thorough examination of all relevant factors. Since the complexity of the process largely depends on the client’s specific situation, it is crucial that you seek a skilled equalization payment attorney in Phoenix.
Contact an Experienced Equalization Lawyer
At the office of Gary J. Frank, P.C., we have over thirty years of experience in dealing with property division, equalization payments, support, child custody, and all aspects of Family Law. We take great care to offer focused legal representation to address every client’s specific issues.
Family Law Client
I had a very legally and emotionally difficult case and was fortunate enough to have Mr. Frank’s legal assistance. Mr. Frank was extremely professional, reliable, and competent. He always kept me informed of my case, and he gave me great legal insights. His litigation expertise and easy disposition allowed me to be comfortable and less stressed considering the situation. Mr. Frank always treated me with respect and valued my input. I felt part of a collaborative effort rather than the usual attorney-client relationship. It was a pleasure working with Mr. Frank, and I would most definitely recommend him to my friends and family.
I would recommend your services to anyone!
I am very satisfied for all you have done for me throughout my divorce and custody cases. You listened to what was important to me and you made it your number-one priority. The safety of my children meant the world to me and you helped me keep them safe. You are excellent in the courtroom. Throughout all of my court cases and different issues with my ex-husband, you helped me stay calm and grounded. I believe in our justice system since I was lucky enough to have an amazing attorney. Mr Gary Frank, you were a godsend in many ways, and every time I look at my children and know they’re safe I thank God for finding such a great attorney. I would recommend your services to anyone! Thank you once again for all your hard work.
I feel re-born!
“I can’t tell you how much I am now enjoying my life. It sounds crazy, but I feel re-born! Of course, I have my days, but they are fewer and fewer. I spend time with family and friends and for the first time in seven plus years, I feel alive and well. I will never be able to thank you enough for all your caring and encouragement throughout this extremely stressful and challenging time in my life. I could not have managed to get through it without your support.”
A Lawyer That Cares
I chose Hannah to represent me because I know she personally invest herself into each and every client. I could tell she really cared and was ready to fight for me. When I called to schedule for a consult, Hanna received the phone call, not some lawyer’s assistant or front desk person. She has gone above and beyond what was asked of her. She knows what she’s doing. Thank you so much Hanna!
I was going through a family court case & did not have a lawyer. I needed help filling out paperwork & knowing what to do in court. Mr. Frank met with me on several occasions & helped with properly filling out all of my paperwork & informing me of the correct way to file it. He gave me his cell phone # & always returned my calls promptly.
Gary was recommended to me by a relative. I was in a long-term abusive marriage and had had enough and was ready to put an end to it. while being “ready” I was scared to death as I was someone with low self-esteem and so afraid of how my Ex would respond. Gary gave me the courage to stand up for myself and helped me work thru my insecurities so that I was able to testify in court and breath. He walked me through all the steps of what we were going to do so that I understood. he was always ready to answer any questions/concerns I had in a timely manner (and I had a lot). I have recommended Gary to several friends going thru a divorce and I will continue to do so. I can’t thank him enough for his help and what he has done for me.
When you need better than the best
It is all about passion. Whether you play baseball, run a bakery, or practice law, you will do it better if you have passion. Hanna has that passion. She helped guide me through my trying times during my divorce and custody case. Her impeccable professionalism, humanity, and understanding as well as being tough enough to get things done were beyond what I could ever hope for. I couldn’t ask for a better attorney than Hanna. She not only cared about me, she also cared about the well-being of my daughter. I would highly recommend her to anyone.
Gary and Hanna are the most amazing and compassionate attorneys in AZ. They go above and beyond and would highly recommend them to anyone! They work with you and actually care about the well being of your children vs. Money (unlike most others). I cannot thank them enough for what they have done for my own family. Angels.
Thanks From A Confident Dad
Gary, I see your LinkedIn posts every now and then and just wanted to send you a quick note. Wow, the last 6 years have been a whirlwind. I just want to thank you again for the support and guidance you provided to me 6 years ago. It has made a monumental difference in my life. My son’s mother and I made the mutual decision to move (out of state) about a year and a half ago. Ironically, we live in the same neighborhood now, we’ve got our parenting plan at about 50% time each, and we walk him to school. We get along, and it honestly can’t be any better. My son is now in 1st grade, and he has a brother who is a year and a half. In the past 6 years, I’ve evolved from the scared, immature, insecure person who sat in your office to a confident father of two boys. Your input and guidance had a lot to do with that, so, thank you. I do miss Arizona – in due time, hopefully, I’ll be back.
Family Law Client
Successful Relocation Case
To say I am grateful would not be giving you guys enough credit. I am humbled to have found you and blessed beyond words.
Family Law Client
I Know In My Heart I Chose The Right Attorneys To Represent Me
I appreciate all of you and all that you have done on my behalf. Most of all, I appreciate all of your moral support and your faith in me and my intentions. I know in my heart that I chose the “Right Attorneys” to represent me. I am happy that I chose wisely and trusted my heart & my ‘gut instinct.’
November 2009 I retained Mr. Frank for almost two years to represent me in a visitation modification filed by my ex-husband. Mr. Frank quickly and efficiently became familiar with my case and was very honest about all the potential results that could occur. I truly feel that Mr. Frank had my children’s best interests in mind…