Community property refers to all valuable assets a couple owns that were acquired while they were married. When they divorce, that property will need to be divided fairly between husband and wife; in Arizona, fair division is seen to be 50/50. This can be difficult to achieve when not all assets can be divided, such as cars, IRA’s, land, businesses, furniture, etc. Having a family law lawyer is your best bet to get a fair division of community property during your divorce.
How is Community Property Divided During a Divorce in Arizona?
The first step in dividing the community property during a divorce in Arizona is to add up the total marital estate. This includes all things of value that were acquired during the marriage and is not just physical items like houses and cars. Businesses, retirement accounts, real estate, brokerage accounts, bonuses, and dividends are all included. Sometimes couples come to an agreement as to how to divide community property on their own or with mediation. If they cannot do so, the court will intervene and try to make the division as close to 50/50 as possible.
What is the Difference between Community Property and Sole & Separate Property?
Sometimes, a spouse will try to lay claim on a property that is actually sole & separate property of their ex. Sole & separate property is any asset that was acquired or owned prior to the marriage. This may seem simple, but things get complicated quickly when it comes to businesses that were owned before the marriage but grew in value over the length of the marriage. Dividing these amounts can get very tricky, which is why having trusted divorce attorneys on your side is so important.
Can Family Law Attorneys Help Me with Division of Community Property?
Family law lawyers, like those at The Sampair Group, have experience getting their clients the greatest results possible when dividing the communal property as part of a divorce. We can help you negotiate terms with your spouse through mediation that could potentially save you the time and expense of court intervention. This can be a great asset to you as you have someone who knows the legal system fighting on your side to make sure you get the results you deserve when dividing community property. Call us today at 623-777-3903 to make a free initial consultation and find out how our compassionate and capable divorce attorneys can help you.