One of the most pressing concerns when you’re getting divorced in Arizona is how property will eventually be divided. Not knowing what to expect is nerve-wracking, and it makes it difficult to plan for what happens after the divorce.
You’ve probably heard that Arizona is a “community property” state when it comes to getting divorced, but you may still be confused. What does “community property” really mean? Essentially, what it means is that everything you and your spouse own, including real estate, bank accounts, investments, and physical items, will need to be divided into “community” and “separate” property.
What Is Community Property in Arizona?
Community property is generally anything that you and your spouse have accumulated over the course of your marriage. Both you and your spouse are entitled to half of all community property in the divorce. Examples of community property would include:
A home or other real estate purchased during the marriage
- Cars, trucks, boats, etc.
- Furniture and home décor
- Income earned during the marriage
This also means that you will generally equally share the debt accrued over the course of the marriage, including credit card debt, car payments, and loans.
What Isn’t Community Property in Arizona?
Anything that was owned before the marriage, anything that was received as a gift, and anything obtained through inheritance is generally considered separate property and not divided during the divorce. Some examples of separate property might be:
- The painting you inherited from your grandmother
- A car you received as a birthday gift
- A bank account that only contains income you made before the marriage
If both spouses agree, you can also choose to name some items as separate property, if needed. If you have questions about dividing property in a Phoenix divorce, speak with one of our experienced Phoenix divorce lawyers today.
If you need more information about getting divorced in Arizona, please refer to our book Arizona Family Law – How to Handle Tough Issues in Tough Times, which is available to you for FREE. Just give the Phoenix divorce lawyers with Curry, Pearson & Wooten a call at 1-888-929-5292 to request your copy or schedule a completely free, no-obligation legal consultation to talk about your divorce concerns.