Community Property Issues In Divorce
When you go through the divorce process, part of the process includes evaluating your assets and debts. This process is usually begun by gathering documents such as retirement account statements, property valuations, bank account statements and by reviewing income records such as tax returns. An experienced divorce attorney can help you review and gather the records you need to comprehensively address your property and debt division.
Your attorney may request income records such as tax returns, income statements and pay stubs, bank statements, credit card statements and your monthly budget. You may also be required to release real property valuations, vehicle valuations, retirement account statements, stock and stock option documents and your investment portfolio.
Unique Issues In Arizona Property And Debt Division
There are two types of marital property division in the United States. Arizona is a community property state. This means the court considers what is an “equitable” division of marital property. Equitable typically means fair, but not necessarily equal. Often the court will do everything it can to make dividing debt and dividing property as easy and as equal as possible, barring anything unusual about the case.
Community property is that property and debt acquired during the marriage — the marital property. There are exceptions to what is considered community property; the exceptions result in property that is labeled as separate property. Separate property is not included in the asset and debt division calculation. Some examples include property held before the marriage, inheritances, certain real estate and gifts.
Protect Yourself | Hire A Divorce Attorney
Hiring a lawyer can be especially critical when you have concerns about property and debt division. An experienced family law attorney knows what to look for and what to gather in order to effectively address your concerns. In a divorce, all property and debts must be disclosed. Sometimes gathering the information is challenging and formal discovery is necessary. At Alongi Law Firm, PLLC, we know what needs to be accomplished to uncover assets and protect your legal rights.
Call 480-751-1610 Now For A Free 30-Minute Phone Consultation
Our office is located in Phoenix, and we often assist clients throughout the metro area. You may also reach us online.