DIVISION OF PROPERTY
What Does Division of Assets Entail?
One of the most difficult aspects of divorce is the division of property and debt. When two individuals have been married for a period of time, determining who has the right to certain assets can be challenging. You and your spouse have the right to fairly divide community property and debt; however, fair division may not mean equal division.
Arizona is a Community Property State
Community property generally means that spouses equally share ownership of anything purchased, acquired, or paid for during the marriage no matter who uses the property, who paid for the property or what name a title is under.
Examples of community property include: real estate, home furnishings, vehicles, bank accounts, investment accounts, credit card debts, student loans, car payments, and some retirement plans. All property or debt that either spouse acquires during the marriage is likely considered community property or debt unless it can be proven that certain property was acquired by gift, inheritance, or prior to the marriage.