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What Does Division of Assets Include in AZ?

 

 

As the best community property lawyers in Gilbert AZ we often get asked, “what does division of assets include in AZ?” Today I want to talk to you about community property and how to divide assets when you’re going through a divorce. One of the questions that I get all the time when I’m talking with someone who is in the process of getting a divorce is; “how do we divide stuff up? How do we divide up the debt? Who gets this debt? Who gets this piece of property?” etc. Arizona is a community property state which means that anything that you acquire as a couple during the term of your marriage, whether that’s one month or fifty years, is going to be considered community property. Now there are some distinctions and some exceptions like always in the law.

Anything that you bring into the marriage, whether that’s a debt or whether that’s a piece of property, can be considered your sole and separate property or debt, and that would be excluded from this community property that we talked about in the divorce. One question I get a lot is; “what do I do if, for example, a credit card is only my name and not my husbands or my wife’s? Who has to take that debt on?” It doesn’t matter who the name of the debt is in, as long as it was acquired during the term of the marriage and is not considered sole and separate debt and that’s an evaluation that an attorney would have to make on a case by case basis, but as long as it is acquired during the term of the marriage, it’s going to be considered a community debt or property. It’ll have to be divided by the court or by agreement before the divorce is finalized.

These community property issues can become very complicated. What do we do with the house? What do we do with the cars? How do we divide things up so that it’s as equal as possible? What about retirement accounts? One of the big issues that always come up are retirement accounts. Even if you have not worked for the entire term of the marriage and your husband or wife has been the sole breadwinner and has the retirement account, the non working spouse will be entitled to one half of their retirement account for the amount that was acquired during the term of the marriage.

These are complicated issues that require an Arizona divorce attorney to review and to evaluate. I encourage you if you have any questions about community property, if you have any questions about debt or property going through a divorce to give the law offices of Kevin Jensen a call. We’re experienced, we’ve done a lot of this over the past several years and we’re here to answer any questions and help in any way we can.

For more videos answering common community property questions click here.

Jensen Family Law in Gilbert
4365 E Pecos Rd # 138,
Gilbert, AZ 85295
(480) 900-2302




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