If you’re getting divorced in Arizona, one of the biggest considerations you will face is how to go about separating your and your spouse’s assets. As you might expect, this process is a little different for every couple, and we strongly recommend that you consult with an experienced Phoenix divorce lawyer as soon as you are able to discuss your individual situation and concerns and make sure that your interests are protected. How assets are divided can be worked out by the divorcing couple or can be ordered by the court, if necessary.
What Should I Know About Separating Assets?
Essentially, when you’re talking about separating assets in an Arizona divorce, you’re talking about two things:
- Separating marital property. Marital property includes bank accounts and investments as well as physical items like cars, furniture, real estate, electronics, etc. Property that was yours before the marriage generally remains yours, and gifts and inheritances that you received over the course of the marriage are generally also excluded when dividing property.
- Separating debt. Along with marital property, you will also separate marital debt. Generally, any debt that built up over the course of the marriage will be divided between you and your spouse. Some couples choose to divide debts and each pay an equal half, and others may choose to take more or less debt in exchange for property.
Depending on your individual situation, you and your spouse may choose a number of ways to go about separating your property and debt. You will need to carefully consider your financial needs, the needs of your spouse, and the needs of your children before you get started. Be aware that there may also be tax consequences involved.
If you are getting divorced in Arizona and have questions, don’t hesitate to speak with one of the Phoenix family law attorneys with Curry, Pearson & Wooten at 1-888-929-5292 today. We would be happy to meet with you in a completely free and confidential consultation to talk about your legal concerns and answer any questions you may have about your Arizona divorce.
If you’d like more information about how an experienced family law attorney can help you with family law issues such as divorce, child support, child custody, and more, please request your FREE copy of our informative book Arizona Family Law – How to Handle Tough Issues in Tough Times.