What Happens During the Division of Marital Assets in Arizona?
Going through a divorce is always stressful, but facing unexpected legal challenges can make the process even worse. Therefore, understanding how different aspects of the divorce will go in court can help dramatically reduce your stress. In this article, we’ll cover the division of marital assets in Arizona and explain how the process works.
Although an amicable split is always preferable, divorce proceedings often become adversarial and heated. When that happens, having experienced attorneys on your side is crucial. Arizona residents can rely on divorce law representation in Tucson by Randle, Palmer, & Associates.
How the Court Divides Property
When a married couple files for divorce, a legal separation process begins. During this process, the court will divide joint property between the parties, taking relevant factors into account to strive for equitable distribution. In the following sections, we’ll explain what types of personal property count as communal and how the court handles the division process.
What Counts as Community Property
In Arizona, any property you acquire during the marriage counts as marital property. This includes tangible and intangible property as well as debts in the state of Arizona. Some exceptions to this rule exist, but Arizona courts consider nearly everything earned during marriage to be communal.
Steps of Property Division in Arizona
Once the divorce begins, the court works through multiple steps to determine how to divide the property. Read the following few sections for the steps of the division of marital assets process.
The first step in the division of marital assets is to identify all the assets the couple currently holds. This information helps the court make an informed decision and includes all bank accounts, real estate, stocks, or other assets. Providing this information promptly and accurately can help your case progress efficiently.
After identifying all the involved property, it’s important to classify which party owns what. Although property you acquired before getting married is separate property, anything a party earned during marriage is a marital asset, even if only one name is on the deed or receipt.
Placing a value on personal items can be challenging, but it’s an essential part of the division process. Deciding which items to prioritize can help the parties reach an agreement, as each party has something they want. However, if the parties don’t agree, the judge can make final determinations at his or her discretion.
Once the court receives the information it needs, the judge will finalize the division of marital property. This step awards each party their property to provide the most equitable split possible. In some cases, the court may award additional payments to one of the parties, but generally, this completes the process.
Get Expert Divorce Representation in Arizona
Now that you know how the division of marital assets works, explore our website if you want to know the tips on how to soften the effects of divorce on a child. Then, if you need divorce representation in Arizona, call Randle, Palmer, & Associates at 520-327-1409 for an attorney who will fight for you.