Dividing assets during a divorce can be a contentious process. Arizona is a community property state. That means that all assets and debt acquired during the marriage are owned by the spouses, collectively, rather than separately. During the marriage, the spouses have equal rights to use and control the property. Upon divorce, community property is divided equitably. The criteria for determining what is equitable will vary, but it may include each party’s respective income, the duration of the marriage, one party’s contribution as a stay-at-home parent, and vocational training.
Certain property may be designated as separate. Generally, assets acquired before the marriage are considered separate. Additionally, parties may have a prenuptial agreement or another negotiated arrangement that designates which property is separate property. Separate property is awarded to the person to whom it belongs.
During a divorce proceeding, property may be divided by an agreement between the parties or by a decision of the court. Under either circumstance, it is important to have a lawyer who is familiar with the law regarding property division and who will vigorously advocate for your best interest. The family law attorneys at AWD LAW® can offer just that. We will work closely with you to determine your priorities and to understand how all of your assets will be classified. We will then fight to ensure that you receive a fair division of your property.
We are Northern Arizona’s premier law firm. If you need to speak with a Northern Arizona Lawyer for any reason, contact us today at (928) 774-1478!
We can help you evaluate the circumstances you are dealing with to determine your best options for the most successful outcome possible.