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 is the topics that should be of concern to those involved are the labels; 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 one’s 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 the 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. Also bank accounts and investment portfolios that were solely one spouse’s but later during the marriage, both spouses added assets and or capital, the same applies to businesses operated before during and after marriage.
Dividing assets can become complicated. When determining the value of the property if the spouses and the court cannot agree on the value of an asset that assets will be given a monetary value, appraisals most certainly will provide more insight on the actual value of the property/assets. Also at times professionals will need to evaluate assets, known as an actuary.
While dividing property spouses may assign certain assets 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 incurred during the marriage. In some cases, a spouse can ask for the majority of the community or to assign the majority or a significant amount of the debt over to the other spouse if the other spouse is proven to have spent a substantial amount money in wasteful or harmful ways, such as drug use or gambling.
If you have a question about divorce in Arizona, please call to speak to one of our experienced Scottsdale and Phoenix Arizona divorce attorneys at (480)305-8300.
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