Arizona is known for its low housing costs, great public transportation systems and ample employment opportunities. These are often among the top reasons many married couples choose to settle here and raise their families. Of course, not every marriage lasts a lifetime, which is why it pays to know another unique factor about this state: Property division in divorce operates under community property guidelines.
One of the toughest conversations Arizona couples have to have when they go through a divorce has to do with what will happen to the family home. Besides the fact that it is likely one of their largest assets, there are emotions and memories connected to the home. There are three options that most couples have available to them when they are in this situation.
Arizona residents and others who are going through the divorce process may need to figure out how to divide the marital home. A home can be divided in a variety of different ways, and one option may be to sell it and split the proceeds. If this happens, it may be necessary to account for capital gains taxes and other associated fees. It is also a good idea to line up a new home or apartment before the sale is final.
The legal documents you must complete and sign during a divorce can be overwhelming to many people who are unfamiliar with the legal process and language. Mistakes or oversights when filling out financial documents can have negative repercussions down the road.
Every divorce presents complications, like a difficult child custody situation or just a lot of bitterness between the parties. High-asset divorces are no different, except they include unique challenges, especially concerning division of marital assets. Below, we discuss some examples.
Dividing assets in any divorce can become problematic. Spouses often disagree about what should be shared in the first place, and may also quarrel over how to divide complex property, such as an investment plan, real estate, or a business. But difficulties can also arise over tangible objects, such as collections or collectibles, that belong together and lose significant value if scattered during a divorce. This can include art, stamps, figurines, comic books, or antique jewelry.
In most divorces, parties can expect to divide their assets between them as part of the property division process. And with some exception, parties can expect this division to be equal.
Yes. Don't do it. It is dishonest and probably criminal.
When two people divorce, it is not unusual for one of them to have certain advantages. This person might know more about the finances or possess business-savvy skills that makes them more comfortable in certain settings, like mediation.
If you are getting divorced or considering filing for divorce, you likely have thought about what that decision means for your property. You probably think about whether you will keep your home, your car, your retirement savings and the money in your bank accounts.