Do Assets Need To Be Divided During a Divorce?

Divorce is so complicated because it involves complex financial calculations and formulas. The actual ending of your relationship to each is quite simple. Divorce takes so much time and money because the assets and debts of the marriage must be divided and often there are important issues regarding children. You may wonder then if it is possible to divorce without dividing up assets. Understanding what can happen to your assets during a divorce is important.

In general, with certain important exceptions, any assets or debts acquired during your marriage by either of you are community assets and debts.They belongs to both of you and must be divided in the divorce. The ownership of community property must be addressed in your divorce (the exception to this would be if you have had a marriage of very short duration and have not had time to acquire any community assets or debts).

You don’t need to go to court to have this division occur. You and your spouse can create a settlement agreement on your own.Decide how you want to split everything up. If you agree, it’s a fairly simple matter for your attorney to draft the divorce papers and move your divorce through the courts quickly without undue delay. Even if you can’t decide on your own, an attorney or mediator can help you quickly divide everything so that your divorce can move forward without contest.

Some spouses keep things completely separate throughout their marriage, never putting two names on any asset or debt. Although these items are legally community property, this can simplify your divorce if you agree that each will own or be responsible for assets or debts currently in the spouse’s own names.

The Sampair Group handles divorce and family law cases in the Mesa, Phoenix, and Glendale areas of Arizona. Our attorneys are uniquely qualified to handle your case with attention to detail. Call our office to schedule a convenient appointment today.