You and your spouse may have been married for more than 10 years. You bought your first home together, had children, bought a ski condo in Colorado and accumulated a vast wine collection. Maybe you even established a business together. Now, however, you are facing divorce. You know you will have to divide your assets in divorce, but how? How is property divided in an Arizona divorce?
Arizona: A community property state
Arizona is one of only nine community property states in the United States. In community property states, divorcing couples split their marital assets equally, 50-50. Marital assets are any assets a couple acquires during their marriage. Some of the assets you may split include:
- Money in your checking and savings accounts
- Assets you have in investments
- Money in your 401K retirement accounts
- Any real estate property you own, plus other physical property such as vehicles, furniture and household goods
- Your business assets
- Any valuable collections you have
You and your spouse also will split any joint debt you accumulated during your marriage. So, one of your first steps as you seek divorce will be to gather all your financial information so you can determine how many assets you will split.
Getting help when dividing assets in divorce
You will need to work closely with your divorce attorney as you negotiate dividing assets with your spouse. If you want to keep your marital home, you may need to refinance it or offer your spouse other assets so you can buy out their share of its worth. You also may need help determining what property you own might be separate property, property you don’t have to split with your ex.
Dividing assets in your divorce will take time. With your attorney’s help, you will get a better picture of what your divorce settlement will look like so you know what your finances will be as you start fresh on your own.