Property Division Lawyer in Phoenix
Division of Property
All divorces are riddled with problems and one of the most common is a division of marital property. Arizona is considered a community property state which means there may be two different types of property, community property and separate property.
While community property states generally result in an equal division of property, a Phoenix family law attorney knows this is not always the case. In fact, more often than not, rather than a 50/50 division, the property is ultimately divided up based on fairness and equity.
Defining Property Types
Couples often own a home, vehicles and other assets that were purchased after they were married. Under Arizona laws, this is considered community property.
Property that either party brought into the marriage such as art work, equipment necessary for their job or savings and/or retirement accounts are often considered separate property for the purposes of division of marital property.
There are other exceptions to community property such as assets that were inherited by one spouse during their marriage. Your attorney can help you determine what property will be classified as community property or separate property.
Debts of the Marriage
When a marriage is dissolving, debts that were incurred during the marriage are also considered community property. The one exception to this is perhaps student loan debt that one spouse incurred in order to further their education. Mortgage notes, credit card debt and car notes are often the subject of debate when deciding how to divide marital property. Debts that were incurred prior to the marriage or after a Phoenix divorce filing are also considered separate property in most cases.
When Partners Agree
Obviously the best possible outcome in division of property is for the partners to agree before they file their divorce agreement on how assets and debts are to be divided. Since you and your partner both understand your individual financial circumstances, this is generally the best option. In nearly all cases, the courts will approve an agreement reached by spouses regardless of how it is divided.
When Partners Disagree
Sometimes not matter how hard you try or how badly you want to work things out with your partner regarding property division, you can’t seem to come to an agreement. In these cases, the courts will typically review all assets and liabilities and they will make a final determination. Once the courts make that determination, both parties must abide by the division regardless of how unfair they may think it is.
If you and your spouse are filing for divorce and you are concerned about how assets and debts may be divided, contact Cosmas Onyia, P.C. I will do my level best to ensure that the division of property is as equitable as possible and that your interests are protected.