One of the most stressful aspects of divorce is the division of property between spouses. This can often become a contentious issue, which is why it is best to have the guidance of an experienced attorney on your side. Here is some important information on distribution of assets in Arizona.
Distribution of Assets in Arizona | Community Property State
Under state law, real and personal property that is purchased or otherwise acquired during the marriage is considered community property. This means that it is owned jointly (50/50) by the husband and wife. This isn’t just limited to the marital home or the family car. It includes, but may not be limited to, the following items if they happened during the marriage:
- Starting a new business.
- Acquiring ownership interests in a business, land, real estate, etc.
- Investing accounts and brokerage accounts.
- Your salary, earnings, bonuses, or income.
- Your retirement accounts; including pensions.
- Dividends paid.
- Real estate or raw land.
- Assets such as boats, cars, motorcycles, four-wheelers, art, furniture, and other property.
- Debts accumulated during the marriage.
Distribution of Assets in Arizona | Equitable Distribution
Generally, the assets are divided 50/50. In instances where that isn’t possible, such as a home or a car, one spouse may be required to buy out the interest of the other spouse. Equalization payments, a payment made to a spouse to represent 50% ownership, can also be used in business and real estate.
There are many instances, though, where assets or debts are held in just one name. This highlights the importance of a Phoenix divorce lawyer. In situations where one spouse received a substantial gift or inheritance, a Phoenix divorce letter can help you negotiate with your soon-to-be former spouse or represent you in the court room.
If you are seeking divorce in Arizona, please contact our experienced Phoenix divorce lawyer to schedule a free consultation. We are dedicated to helping you reach a peaceful and agreeable resolution.