If you are someone who is going through a divorce — or considering filing for divorce — do not be ashamed. Plenty of couples decide to get a divorce.
According to the American Psychological Association, divorce is quite common, with 40 to 50 percent of married couples divorcing at some point. However, even though this is so common, that does not mean the process is not without risk, especially when it comes to finances in the future.
At The Law Office of Laura Gillis, we represent Arizona residents throughout the divorce process. In this post, we will focus on one of the main areas of concern and contention: property division.
No. 1: Arizona is a community property state
In the most basic of terms, when a couple cannot agree on how to split up property in divorce, the courts will step in. Generally, all marital property- meaning property that was acquired during the marriage — will be split 50/50 between each spouse.
Keep in mind, that while the courts will apply this rule to marital property, the same rule will also apply to marital debts.
No. 2: Separate property will stay separate in divorce
Not all property is marital property. For example, if a spouse owned the property prior to the marriage, this is separate property. Typically, separate property is not subject to division in divorce. The same also holds true for gifts and inheritance and any other property that both spouses agree — in writing — only belongs to one.
No. 3: The right lawyer can help with property division agreements
Keep in mind with property division that things can get messy, quite quickly. Next to child custody, property division is often one of the more hotly contested issues in a divorce. The good news is that you do not need to try to fight this battle alone though. Rather, by retaining legal representation, you will have someone on your side, looking out for your best interests.