DIVISION OF ASSETS AND DEBTS

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.

Whether you and your spouse are in agreement about the division of assets and debts or whether it is highly contested, it is important to have a qualified attorney on your side to help you obtain what is rightfully yours and to avoid being saddled with unnecessary debt. Onisile Law Firm can provide the aggressive representation you need.

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