The Division of Property Process in Arizona
SERVING THE YAVAPAI COUNTY AND SURROUNDING AREAS
If you are considering a divorce in the state of Arizona, it is important to understand how property division works. The division of property during a divorce can be a complicated and unpleasant process, and the experienced family law and divorce attorney at David M. Wilson Law is here to help you.
When a couple decides it is time to end their marriage, the two spouses must come to a decision on how they will divide the property, and debt.
What is Considered Property During a Divorce Proceeding?
While it is common to immediately think of a home as the property to be divided during a divorce, under state laws “property” entails a lot more. It includes buildings, properties, cash, investments, income, and debt.
When thinking of property, remember it includes IRA, 401(k) and 403(b) retirement savings accounts; other investment/brokerage accounts; income earned during the marriage; and items that were purchased during the marriage, like jewelry, furniture, and pets. As for debts, do you have a mortgage, a car loan, student loans, or credit cards with balances?
Arizona is a community property state, so, for the most part, property acquired during the marriage is considered community property. There are some exceptions, like if property was given to one spouse as a gift. We can help you better understand these exceptions at David M. Wilson Law.
That which does not fall under the community property definition is considered separate property.
How is the Property Divided During a Divorce in Arizona?
The aim of the courts is to identify and divide the community property, also known as marital property, equitably. This does not necessarily mean the division of property will be equal.
When a marriage is dissolved in Arizona, each spouse will walk away with their separate property and their split of the community property. After a marriage ends, there can no longer be any community property.
There are a number of factors that the court will consider before deciding how property will be divided. The property has to be properly identified and classified: Is it marital or separate property? Then, a value has to be determined for the community/marital property. When this is done, then the property can be divided.
If the couple cannot agree on the division of property, the courts have the authority to divide property.
Hire an Experienced Family and Divorce Attorney
Divorce is an emotional time for many people. It’s difficult to know what the future may hold and how much things will change, especially when faced with the reality of having to divide your property, especially should you have to sell a shared home.
During a divorce, you need someone in your corner who will look out for your best interests. You need an experienced and knowledgeable family attorney when court proceedings are unavoidable. You can count on more than 25 years of experience with David M. Wilson Law Office.
David M. Wilson Law is here to help you during difficult family law issues. We represent clients on either side of any family issue and do our best to help both parties live in peace and coexist.