In Arizona, property acquired during marriage is called “community property.” Community property includes:
a. Investment account
b. Retirement and pension accounts
c. Homes and Land
d. Business interests
e. Personal loans owed to you
f. Furniture and other tangible items
g. Other items that have value
As a general rule, community property is divided between the parties equally during a divorce, although there are some exceptions.
In Arizona, property acquired prior to marriage, through inheritance, and/or from gifts from other people besides their spouse, is presumed to be that person’s sole and separate property and is not divided. However, sole and separate property may be changed into community property in certain situations. You should always consult an attorney before signing anything relating to the division of property. There may be special circumstances in your case and may warrant an evaluation from an attorney.
As a general rule, the debts incurred during marriage will be divided equally. However, there are exceptions to this presumption. These are issues that you should always discuss with an attorney.
Debts incurred prior to marriage are generally the responsibility of the person who incurred the debts. Debts incurred after a divorce proceeding is filed and served is generally the responsibility of the person who incurred the debts. However, certain precautions should be made, as you may still be responsible for such debts to the creditors. These are issues that you should always discuss with an attorney.
If you have questions about PROPERTY and/or DEBTS, or if you would like to discuss your situation with an experienced family law attorney, please contact attorney, Barbara L. Fuqua, today.
DISCLAIMER: Providing the above information does not establish an attorney-client relationship. To create such a relationship, both the attorney and potential client must sign a written fee agreement. The information contained herein is meant only as general information and is not meant to be relied upon for the purpose of taking legal action. you should contact an attorney in person for further and specific information.
Barbara L Fuqua of Fuqua Law Firm P.C., is licensed in Arizona only.