If you live in Arizona and plan to divorce your spouse, remember it is a community property state meaning all assets and debts jointly acquired during the marriage will be equally distributed among both spouses regardless of their incomes. Each spouse receives half of these assets, including money, real estate, retirement plans, furniture, automobiles, and possessions. For instance, if you live in an owned house, it will be divided equally. If one of the spouses continues to live, they pay their spouse. Other assets or debts include:
- Investment assets
- Family-owned businesses and corporations
- Professional practice interests, inventory, and investments
- High-value homes such as vacation homes and investment real estate
- IRS tax debt
- Credit card debt
A divorce with the division of assets and debts can be complicated; it is always better to make a mutual decision and try to work it out. Be it going for pre-nuptials or post-nuptials. If you don’t work it out, the state law can decide how it will work in your case.
Apart from community property, there is something called separate property, which refers to the property belonging to one spouse and will not be divided among the other spouse in a divorce. It includes a spouse’s assets/debts before marriage, such as a house, business, pension fund, inheritance, education loan, or personal injury award. However, supposedly the inheritance money is added to the couple’s joint account, then it becomes community property.
Shaffer Family Law is committed and ensures you receive an equitable distribution of all assets and debts. We work with accountants, actuaries, and professional appraisers to properly value marital assets, then work for a fair proposal and evaluate the other party’s proposal. Our knowledge, skill, experience, and ability to work on settlement agreements and meet your needs are part of our legal services. Our attorneys can ensure that the property division is fair by identifying all relevant factors and identifying and assigning ownership and correct valuations to all assets and liabilities. Remember, sometimes there are tricky cases in which spouses often try and hide their assets to avoid division during the divorce. We are skilled at unearthing property and other holdings with the help of financial professionals, including forensic accountants, to trace assets outside the country.
If you are getting divorced and need help navigating the process, schedule a consultation at (480) 470-3030 today.