The end of a marriage not only marks the end of a significant chapter in one’s life but also the separation of shared assets and property. These assets can be substantial after years of life together. Arizona is a community property state. The division of assets and property can add complexity to an already emotional process.
While community property is a fundamental concept, it’s not always as straightforward as it seems. There are exclusions to community property that can significantly impact the distribution of assets. At The Peterson Law Firm, we recognize the intricacies of property division in Arizona divorce cases. We are here to offer guidance as experienced family law attorneys.
Arizona adheres to the principle of community property in divorce proceedings. This means that it does not necessarily matter who bought what. Marital property and assets acquired during the marriage are typically considered community property. These are subject to equal distribution between the spouses upon divorce.
Nine states across the United States adhere to community property principles, and Arizona is one of them. The other states embracing this concept are California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Alaska. The purpose behind these principles is to streamline the often prolonged legal disputes about property allocation between spouses by granting the state authority over property division matters.
Community property generally encompasses assets and property acquired during the marriage. Community property can include income, real estate like the marital home and personal property. It can also include investments and retirement accounts. This includes earnings from employment, business income, and any assets acquired with marital funds during the marriage.
While community property is the foundation of property division in Arizona, certain assets and property are excluded from this process:
Arizona also recognizes “quasi-community property,” which refers to property acquired by either spouse in another state during the marriage. Even if the property is located in a state without community property laws, it is treated similarly to community property and is subject to division upon divorce.
Separate property can sometimes transform into community property. This can happen if it becomes co-mingled with community assets or used for the benefit of the community. For instance, if a married couple deposits separate funds into a joint bank account, they may lose their separate status. This can also apply if separate funds are used to pay joint expenses
There are other considerations related to separate property in Arizona divorces:
Navigating the intricacies of community property exclusions and property division in an Arizona divorce can be daunting. At The Peterson Law Firm, we are dedicated to providing guidance and support during this challenging time. Our divorce attorneys and family law professionals can break down the process and give you the options you need.
Our experienced family law attorney can help you understand your rights. We’re here to help you protect your assets and ensure a fair and equitable division of property. Contact us today for compassionate and knowledgeable legal representation. Together, we can navigate the complexities of property division and work toward securing your financial future.
We value each and every one of our clients, employees, friends, and neighbors. Together, we have a social responsibility as a community partner to take proactive measures to keep our community well and to help stop the spread of COVID-19.
Our office will remain open during regular business hours. However, we are implementing some additional precautions to limit social interactions and personal proximity. Specifically, we will seek to conduct consultations, meetings, conferences through video teleconferencing or on the phone whenever possible. Should an in-person appointment be needed, then we will coordinate those on an appointment basis.
If you have questions about your case and the status of the court, then please call. Our Firm will continually monitor the status of the coronavirus, so we are prepared to resume normal operations as quickly as possible.
From all of us at The Peterson Law Firm, please stay well.