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If you are going through a divorce, there’s no question that it can be a difficult process that causes both financial and emotional challenges. These issues often get even more trying if you are unable to come to some type of agreement about the primary issues that need to be resolved – especially the division of your property. Read on to learn more about this here.
Understanding Community Property
According to Arizona law, any debts and assets that are acquired by a married couple from the beginning of their marriage until the divorce paperwork is served is considered community property. This means that each spouse is entitled to receive half.
Technically, there’s no requirement for the court to divide all the property equally. Instead, the court will divide property “equitably” or fairly based on the circumstances. Even with this being the case, unequal divisions are extremely rare. Debt or property that is brought into the marriage by one spouse or funds or assets that are received during the time of the marriage by inheritance or a gift, is the property of that spouse as long as it has been maintained separately.
Even though this seems pretty straightforward, trying to figure out separate property from community property can often present a challenge. In some situations, separate property is converted into community property when the single owner of a home opts to change the title to community property. Also, the community property may obtain an interest in the separate or sold property of one spouse if improvements or mortgage payments are made by both spouses.
How is Marital Property Divided in Arizona?
There are several ways that assets may be divided in Arizona during a divorce. The two people getting divorced can come to an agreement, assigning certain assets to the other person, or even buy out the other’s share. Additionally, they can opt to sell the assets and then divide the proceeds that are earned.
Also, all of the debts that are incurred, which include credit cards, car loans and mortgages have to be assigned to one of the spouses and each of the marital debts needs to be paid off after the divorce has become final.
While the classification of a couple’s property is something that takes place automatically after the couple is married, they do not have to follow the laws of community property if they agree to a post- or pre-marital agreement. This provides that each spouse will maintain their assets separate from the other.
Additionally, there are several exceptions based on Arizona law that require community property to be divided equally. For example, if one spouse’s behavior (i.e. gambling or drug use) wasted the community property.
In the end, due to the complexity related to issues of property division in Arizona divorce cases, one of the best things a person can do is to enlist the services of a divorce attorney. At the Sampair Group we can help ensure that the entire process is handled fairly, regardless of the asset or debt situation that may be present. Contact us today at 623-777-3926.
