Division of Marital Property
In Arizona, most property acquired by either spouse during marriage is community property. Both spouses share ownership in community property, and courts try to divide such property equitably in the event of dissolution of marriage. While this seems pretty straightforward, the application of this rule is not always simple.
For instance, even in a community property state, certain property is still considered separate property and thus belongs to only one spouse. This can give rise to disagreement, and even litigation, as to the very nature of certain marital property.
Dividing Assets and Property in Divorce
More often than not, courts divide community property equally between spouses, regardless of who earned it. For instance, if one spouse contributed $45,000 to a $50,000 savings account, the court is likely to split the account so that each spouse takes $25,000.
More difficult to split than cash, however, are other assets, such as the family home. Couples may sell the home and split the proceeds, or one spouse may keep the home and take less of another asset. There are other matters to explore as well, if one spouse is hiding assets from the other, for example.
Get Help with Marital Property Division
An experienced family law attorney can help you navigate these issues. To speak with a qualified marital property attorney at JacksonWhite, call us at (480) 779-7972. We are ready to serve the families of Chandler, Gilbert, Mesa and all of Arizona.