What to Know About Divorce
If you are seeking legal separation in the state of Arizona, you probably have a lot of questions. This is what to know about divorce in Arizona and how an experienced Phoenix divorce lawyer can help.
What to Know About Divorce | Arizona is a 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.
- IRAs.
- Real estate or raw land.
- Assets such as boats, cars, motorcycles, four-wheelers, art, furniture, and other property.
- Debts accumulated during the marriage.
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What to Know About Divorce | 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.
What to Know About Divorce | Contested vs. Uncontested Divorce
In Arizona, divorces may be contested or uncontested. When a divorce is uncontested, it means that the spouses both agree that a divorce is in their best interest and they agree to the terms of the divorce. This includes how assets and debts will be divided, whether alimony will be paid, and custody and visitation of any minor children.
When a divorce is contested, it could mean that one of the spouses plans to fight the divorce proceedings. It could also mean that the two spouses cannot agree on any of the matters that must be settled. It could be both. When a divorce is contested, a Phoenix divorce lawyer helps their client skillfully navigate the process to ensure that they end up in the best possible shape at the end of the divorce.
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.