How to divide your assets is one of the most challenging decisions to make when divorcing. Understanding the state laws is essential to know what you can reasonably expect.
Arizona is a community property state
Each state has different laws governing property division in divorce. Arizona is a community property state. It means spouses own an equal share of the assets acquired during the marriage. There are certain exceptions, such as items someone gave you as a gift during your marriage. Things acquired before marriage or protected by a prenuptial agreement are counted as separate property.
If you have ever tried cutting the last piece of the pie in half, you will know it is not easy to do so fairly. The same goes for your property. Here are some tips to help:
- Make a list of all of your marital property: If you only focus on the big things, you could overlook a host of less valuable items. They could soon add up and might even amount to more than your home.
- State your preferences: Why fight for something you do not want? Among your assets, there will be things you like and things you do not. Likewise, your spouse will have their likes and dislikes.
- Be prepared to negotiate: If you can reach a deal with your spouse, it will save time, money and hassle. If you rely on a court to decide how to split your property, you have less control over the outcome.
Once you know the value of your assets and your preferences, you can begin to decide how to share them. Your family law attorney can help you.