Property & Debt Division
Arizona is a community property state. This means that property and debt acquired during the marriage belongs equally to both spouses. Couples fight over money and property and debt, and it can be a hugely contentious court battle because each spouse wants to make sound financial choices for their future. Our Tucson property and debt division attorneys can help protect your assets in the event of a divorce and help you make the right decision when it comes to dividing assets between you and your spouse.
Property can be real property, such as real estate, or it can be personal property such as financial accounts, retirement accounts, or household furniture and goods. It is easy for couples going through divorce to get lost in the weeds and fight over things like who gets that Kitchenaid mixer or the family room television. At Desert View Law, our experienced attorneys can advise you and help you focus on the big picture to assure you piece of mind when it comes to property and debt division. Whether the property being divided is a marital home, rental property, retirement accounts, furnishings, or vehicles, it is important to consider in determining what may be an equitable division.
It is easy to overlook or undervalue property, so the Tucson property and debt attorneys at Desert View Law know it is important to get it right. Even if the property is only held in one spouse’s name, it may still be community property and subject to division in a divorce. Sometimes people make mistakes and agree to share what I actually their separate property with their spouse; or believe their spouse’s separately held financial account is not community when it is. Generally, when people think community property, they presume this automatically means everything will be divided 50/50. But that is not the case. The law requires that the division of community property and debts be equitable, so many times this requires looking beyond numbers to determine and come to an agreement on what would be considered equitable or fair.
It is important to have accurate values of property when looking at what is equitable, and many times an experienced attorney will solicit the assistance of a Certified Public Accountant or a Certified Appraiser. In cases where one spouse has a pension benefit or there is a family business, this is quite common and will help not only the parties, but also the Court, have a clear picture of what assets are worth. There are also significant tax considerations with retirements and other investments.
Our experienced Tucson property and debt attorneys can assist you through the process to discuss clear goals as to what may be determined as an equitable division. We also recognize that there is a give and take, where the stress and cost of arguing over every dollar is not the best option for your emotional and mental health during this already stressful time. There are flexible and creative options as well when spousal maintenance is considered at the same time as asset division. We work with our clients diligently to find the right balance to meet your specific needs while protecting your interests. Contact us at our Tucson office to speak with an attorney experienced in property and debt division.
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