Divorce is a life-changing event that can be overwhelming for both parties. It is not easy if that’s what people think of. It is expected to feel sad, angry, exhausted, frustrated, and confused, which is intense. It is difficult, painful, and scary, even if you are the one who decided to part ways. It is hard, and there’s not one thing but many, and when children are involved, it becomes even worse. Each one’s experience is different and how they feel about the divorce. You can experience various emotions, stress, and emotional breakdowns over the ongoing things in your life. This is not all; there are legal, financial, parental, emotional, and practical challenges that require time, energy, and changes in responsibilities. Everything can stress you over, no matter what you think.
Arizona is a Community Property State
Apart from emotional and physical exhaustion, there are responsibilities one must deal with and fulfill. What happens if you divorce in Arizona to the assets, children’s custody, life plans, debts, business, etc.? Because Arizona is a community property state, any asset or debt accumulated by either spouse during the marriage shall be divided among both as much as possible. Although it may sound straightforward, it is not. Many states follow an equitable distribution, whereas, in Arizona, it is not precisely equal distribution of the property but as close as possible.
Business – a Community Property
When it comes to business, if either of the spouses established it during a marriage, then it must be divided between both spouses during divorce. It is considered as a community property. Even if the business is established before marriage, any income that the spouse receives during the marriage is a marital asset or, for that matter, any increase in the business value. Unfortunately, this is the last thing the spouse wants after struggling and establishing own business. It can be distressing, but Shaffer Family Law is committed to protecting your marital rights and ensuring you receive an equitable distribution of all assets and debts.
We Can Help Protect Your Marital Rights
Our experienced divorce attorneys can ensure the division is fair by identifying all relevant factors and assigning ownership and correct valuations to all assets and liabilities. Also, we can use forensic accountants to locate hidden assets, business valuation experts, and other financial experts when required. Therefore, you don’t have to fret over losing your assets; we will ensure you get what you deserve fairly. Reach out for a consultation with Shaffer Family Law at (480) 470-3030 today.