Arizona is known as Community Property state. A community starts on the day of marriage. The community ends on the day a petition for dissolution of marriage is served on an individual. Community property and debts are those properties and debts acquired during the marriage, with the following exceptions:
- Any property or debt you bring into the marriage/community are your separate property and debt.
- Any property you inherit or receive as a gift during the existence of your community is your separate property.
- Any property or debt you obtain after a petition for dissolution of marriage is served is your separate property.
This includes but is not limited to income, bank accounts, retirement accounts, life insurance, houses, vehicles, credit card debts, promissory notes etc.
The law requires an equitable, not equal, division of the community assets and debts. However, when considering who gets what it may not be as straightforward as you think. Assets can be part community property and part separate property. Assets that were once separate may now be community. If you are worried about how technical or complicated this sounds, you have reason to be. Asset and debt division can be tricky business. This is where a lawyer can help. Consult with one if you have questions.
You should also know that you have a lot of leeway in how you and your spouse divide your assets and debts. You don't have to worry about a to-the-penny division of everything. If you and your spouse agree on a division that you both believe to be fair and equitable it is ok.
And remember...
While you may find helpful insights or bits of information in this blog as it progresses, keep in mind that this is only being provided as general information to help you and others get started in this process. My first and best advice is to consult a lawyer knowledgeable in the area of family law. This is the only way to truly obtain advice directly pertinent to your situation. I am available for consultation by calling (928) 458-5026 to schedule an appointment.
And remember...
While you may find helpful insights or bits of information in this blog as it progresses, keep in mind that this is only being provided as general information to help you and others get started in this process. My first and best advice is to consult a lawyer knowledgeable in the area of family law. This is the only way to truly obtain advice directly pertinent to your situation. I am available for consultation by calling (928) 458-5026 to schedule an appointment.
