Community Property and Debt Division in Greater Phoenix
As a community property state, Arizona tries to achieve an equitable division of property between divorcing spouses. For dependable advice about property division in Arizona divorce, contact the law firm of Lasiter & Jackson in Phoenix.
Stated simply, most assets and debts acquired by either spouse after marriage are presumed to be community property or community liabilities subject to division in divorce. Any property or debts held by either spouse prior to the marriage is presumed to be separate property that is not to be divided. Gifts and inheritances received by a spouse during the marriage are also separate property.
Property division questions can be complicated. For example: a house purchased by one spouse before the marriage that both spouses helped pay for afterward? How about 401(k) accounts or stock options acquired before the marriage to which contributions were made afterward? What if one spouse incurs substantial amounts of debt for things that do not benefit the community (i.e. gambling, extra-marital affairs, drugs, etc.)?
Many of our clients are concerned about negative equity problems due to high mortgage balances on the marital residence. Our lawyers take a broad look at the marital financial picture and look for practical ways to resolve problems. In addition, it may make sense to resolve spousal maintenance (alimony) issues at the same time as property division.
Our law firm handles property division problems in situations ranging from uncontested divorce to complex marital estates involving business assets or high-income earning spouses. To learn more about our approach to property division in Arizona divorce, contact Lasiter & Jackson in Phoenix.
