AZ Community Property
Division of Property
All property acquired during the marriage must be divided in an Arizona divorce. Property includes, but is not limited to, houses, cars, home furnishings, artwork, jewelry, tools, family photos and pets, etc.
Division of Assets
Again, all assets acquired during the marriage must be divided in an Arizona divorce. Assets include, but are not limited to, income, bank funds, 401k & investment accounts, and life insurance policies, etc.
Division of Debts
All debt, regardless of which spouse incurred the debt, acquired during marriage is considered community debt in an AZ divorce. Spouses often agree to each keep their own “separate” debts and split joint debts. Debts include, but are not limited to, credit cards, 401k, personal & student loans, etc.
Community Property Division in Arizona
By equitably dividing property, assets and debts, the Court is trying to promote the idea that marriage is a partnership. For example, if one parent quits their job to stay home and raise the children while the other brings home the paychecks, the stay-at-home parent is entitled to half the assets because they were contributing their time and energy into keeping the family going while the other parent was making the financial contribution. In this case, equitable distribution works to the benefit of both spouses and in the spirit of a fair division, this principle is applied to Arizona community property division.
Have More Questions?
Understanding Arizona laws for property & debt division and the options you have can be overwhelming and confusing. If you have more questions and need assistance, contact us today and our legal professionals can help!