Dividing Assets in Divorce in Arizona
One of your biggest concerns, when you file for divorce, will be dividing your assets. Some people are so afraid of this, they put off getting divorced for years. This is why it’s important that you hire an experienced Arizona divorce lawyer to handle your case. They’ll make sure they protect your assets as best they can. They know the law. They also know how to negotiate. They’ll try to reach a fair agreement with your spouse’s attorney so you don’t put the decision in the court’s hands.
How is Property Divided Up in Arizona?
When a couple gets divorced, their Arizona divorce lawyers get together and try to work out an agreement. It is usually in your best interests to try to work out a fair agreement rather than let a judge decide. For example, imagine that you and your spouse own your house outright. You bought it during the marriage and paid it off before you filed for divorce. You don’t want to sell the house. You’d rather let your kids stay there until they graduate from school. If you can’t work out an agreement with your spouse, the court will likely order you to sell the house and split the proceeds. You don’t want to give this power away if you don’t have to.
Arizona is a Community Property State
One thing about Arizona that makes your divorce a little bit easier is that it’s a community property state. Most people have heard this term but aren’t sure exactly what it means. In Arizona, you and your spouse will divide all of your debts and assets down the middle. This includes any property or bills the couple acquires during the divorce. This means that, if you brought any property into the marriage, it is protected from equitable distribution in the divorce judgment. The only property that falls under the community property umbrella are things you and your spouse purchased while you were married. This goes the same for any debts you acquire as a couple. If your spouse brought a ton of student loan debt into the marriage, you won’t be ordered to pay half of it when you get divorced. It’s important to remember that this law cuts both ways. Your Arizona divorce lawyer won’t be able to convince the judge to ignore the law when it comes to dividing your debts and assets. This could be good or bad news, depending on the circumstances.
Sit Down with an Experienced Arizona Divorce Lawyer Today
Most couples try to work things out for months or even years before they decide to file for divorce. It’s not something people enter into lightly. By this point, they aren’t surprised about their debts and assets. One of the most important things your Arizona divorce lawyers will do is help craft your marriage settlement agreement. This is the document that outlines all of the terms of your divorce. Specifically, it will outline how the parties’ debts and assets will be divided.
This is often the scariest thing about getting divorced. People are afraid that they could walk away from the courthouse with nothing. Your Arizona divorce lawyer will make sure this doesn’t happen. Arizona is a community property state. This means that, for the most part, all of your assets and debts will be split down the middle. This should give you some sense of relief. Just knowing you have a skilled attorney by your side should give you the peace of mind you need going into the home stretch of your divorce case.