When two spouses decide to divorce, they must divide their assets, including property and debts. The state of Arizona follows a community property method in which any property or debts acquired during the time of the marriage are considered equally shared between both spouses. Furthermore, Arizona does not require that assets be divided in an exactly equal manner, but rather in a manner that is fair. Whether you and your spouse are able to agree on the division of assets in your divorce or you are unable to come to an agreement and must have the court handle this aspect of your divorce, it’s wise to enlist the assistance of a skilled Prescott division of assets lawyer who can advocate for you. At Willison Law, PC, our attorney has years of experience navigating the family law system and can help to protect your interests during your divorce.
In Arizona, the court recognizes both community (or marital) property and separate property. Community property is any assets or debts that are obtained during the course of the marriage, whereas separate property involves the assets or debts that belong to a single spouse. It can be difficult to prove that a certain asset is separate property, as many assets originally owned by only one spouse can be changed to community property during the marriage.
Examples of community or marital property include:
Often, separate assets can become community assets, even when it is unintended. For instance, if one spouse owned a home prior to the marriage, but both spouses made mortgage payments, the house may be considered a community asset. Similarly, a bank account in the name of just one person may be considered marital property if both spouses made deposits into the account.
It is relatively rare for two divorcing spouses to agree on every aspect of asset division. Additionally, it can be difficult to distinguish between community and separate property, determine property value, and agree on a fair division of assets. Having an experienced Prescott division of assets lawyer on your side can make the process simpler. An attorney can also work to preserve your best interests.
At Willison Law, PC, we offer personalized, one-on-one attention, and compassionate legal services tailored to your specific situation. We understand how difficult it is to deal with a complicated family law matter, which is why we are prepared to handle every aspect of your case and work to help you find an agreeable solution for your unique family.
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