Arizona Post-Marital Property Division
During a divorce an unavoidable part of the process is a fair division of assets and property between the two parties. One topic that should be of concern to those involved are the labels of community property and separate property. All property acquired by either party before their marriage is deemed separate property unless it is held to be a gift to their marriage community. Regardless of which of those two stances a party takes, evidence will need to be provided to the court to back ones claim of whether or not something is community or separate property. For example a car purchased by one party before marriage changes the title to represent community property to the marriage therefore providing the car title to the court would result in the court seeing the asset as a “gift” to the marriage. Among from changing pre-marital property or separate property into community property, parties can change community property into separate property as well.
Separate property can be unknowing or indirectly be turned into community property by combining separate property with community property. This means a home owned by one spouse before marriage can be deemed community property if both spouses pay the mortgage as well as expenses during the marriage. As well as bank accounts and investment portfolios that were solely one spouses but later during marriage both spouses added assets and capital, the same applies for businesses operated before during and after marriage.
Dividing assets can become complicated. When determining the value of assets if the spouses and the court cannot agree on the value of an asset that assets will be give a monetary value, appraisals most certainly will give more insight on the true value of the property/assets. Also at times professionals will need to evaluate assets, such as an actuary. While dividing property spouses may assign certain property and assets to each spouse by allowing the other spouse to purchase their controlling percentage of that asset or property. Along with dividing assets and property in a divorce, spouses will find themselves fairly splitting up their debts that were obtained during the marriage. In some cases a spouse can ask for the majority of the community or to assign the majority or a large amount of the debt over to the other spouse if the other spouse is proven to have spent a substantial amount money in wasteful and/or harmful ways, such as drug use.