What property is considered marital and subject to division in an Arizona divorce?
How is Property Divided in a Divorce in Arizona?
A divorce is an emotionally and financially draining process that requires careful consideration and planning. One of the most critical aspects of a divorce is the division of property. In Arizona, property division is based on equitable division, which means that the court will make decisions on a case-by-case basis to ensure a fair distribution of assets.
Types of Property in a Divorce
Before diving into how property is divided in Arizona, it’s essential to understand how different types of property are classified:
- Community Property: Property earned or acquired during the marriage belongs to both spouses, and each has an equal right to it.
- Separate Property: Property acquired before marriage by one spouse, or by inheritance or gift, is considered separate property.
- Co-mingled Property: Property that was once separate, can become community property if it’s co-mingled with community assets.
Equitable Division of Property in Arizona
When it comes to determining property division in a divorce, Arizona courts are required to follow the principle of equitable division. This means that the court’s goal is to divide property fairly between the spouses, even if it’s not always equal. The court will consider a variety of factors when making their decision, including:
- Length of the marriage
- Each spouse’s contribution to the acquisition of the property
- Each spouse’s economic circumstances
- Each spouse’s age and health
- Each spouse’s earning potential
- The amount of separate property owned by each spouse
The court may also order one spouse to pay spousal support to the other, depending on the circumstances of the case, such as if there’s a significant income gap between the spouses.
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Conclusion
Divorce is a complicated process, and the division of property is one of the most challenging aspects. In Arizona, property division is based on equitable distribution to ensure fair division between spouses. If you’re going through a divorce, it’s crucial to work with an experienced attorney who can help you navigate the process and ensure that your rights are protected.
Arizona is a “community property” state, meaning that in a divorce, all assets and liabilities acquired during the marriage participation are divided equally between the two parties. This includes all the physical assets such as the marital home, vehicles, vacation homes, furniture, bank accounts, retirement plans, stocks, pensions and other investments. It also includes debts of any kind – joint credit cards, mortgages, auto loans, etc.
When it comes to dividing up property in a divorce, the courts in Arizona use a set of fundamental rules that are mandated by statute. It is important to point out that each spouse is responsible for providing accurate information about their assets. The assets are evaluated according to their fair market value, which is typically determined by information provided by a third-party expert.
The court will then come to a conclusion as to what constitutes a fair and equitable division of all property. This typically involves looking at the net worth of each party, including their income and earning capacity. Other factors that could be taken into consideration include the length of the marriage, any assets that are separate, contributions to the marriage, standard of living, and more.
Typically, the courts strive to split the assets 50/50 in a divorce, however, the judge has some discretion when it comes to deciding the division of assets. In cases where one spouse is awarded a greater portion of the assets, the court will typically consider any financial contributions they may have made, such as income, investments, savings, etc.
Ultimately, the court will aim to divide the assets in a fair and equitable manner. However, depending on the personal circumstances of each case, the division of assets may not be as balanced as one might expect. Some divorcing couples choose to make their own arrangements when it comes to dividing up their assets, without involving the court. If both parties agree to an agreement, they can enter it into an enforceable contract with the help of an Arizona family law attorney.
Ultimately, it is important to discuss matters regarding property division with your divorce attorney so that they can help guide you through the process and help you understand the rules and regulations of the courts in Arizona.