Guiding You Through the Financial Aspects of Divorce
The division of assets and debts under Arizona community property law can be one of the most complex aspects of divorce. If it is not done properly, based on all relevant information, the results can do serious injustice to one or the other party.
I'm divorce and family law attorney Kyle Scoresby, and my staff and I at Scoresby Family Law take a detailed and thorough approach to documenting the facts and pursuing fair division of marital property and debts. Contact us at our offices in Scottsdale and Mesa to schedule a consultation.
Accurately Identifying Community Property
You may have heard that in Arizona, we have community property. That means that when a couple gets married, all property acquired by either spouse during the marriage belongs to both spouses jointly, with a few exceptions, including property addressed in a prenuptial agreement.
If you get divorced, you are generally entitled to 50 percent of the total value of your and your spouse's community property.
The first steps toward a fair property division, then, are to correctly identify all property owned by both spouses and determine whether it is legally community property or separate property. If your spouse has been hiding assets, this may require the use of investigators.
Fairly Dividing Simple and Complex Assets and Debts
Once the community property is identified, it needs to be divided. Since not every asset can be divided 50/50, this may involve some trade-offs. It may also involve complex arrangements for dividing the proceeds from things like retirement accounts, business interests and investments.
Debts may also need to be divided. If so, it is important to work with a lawyer who understands the potential future consequences of debt division.
My firm handles a full range of property division circumstances, from simple estates to complex asset holdings and debts. We also assist unmarried people with the division of property acquired during cohabitation. Don't hesitate to contact us to learn more.
