What is “Community Property?”
Arizona law defines “community property” as “all property (including debts) acquired by either the husband or wife during the marriage.”
This broad definition extends not only to major acquisitions like investments, real estate, or vehicles, but also to small items like jewelry, antiques, and household goods.
One of the key issues confronted in the vast majority of Arizona divorces focuses on how the couple will split the community property owned within the marriage. This process, known as the “division of marital property,” can have long-lasting effects on your financial stability after the divorce is final.
Any debts acquired during the marriage are also considered community property.
Because so many items acquired during the marriage belong to both spouses, it is crucial to understand how community property functions and how the community is to be divided in accordance with Arizona law.
During a divorce, you and your spouse have the opportunity to decide how the community property will be divided.
If an agreement is not feasible, the court may divide the property.
In an Arizona divorce, community property is theoretically divided “equitably” to give each person a roughly equal chance at establishing a future.
Remember, however, that an “equitable” distribution is not always the same as an “equal” one.
At Mushkatel, Gobbato, & Kile, P.L.L.C., our experienced Arizona family law attorneys have helped people throughout the Surprise, Peoria, Scottsdale, Sun City, and Glendale areas to navigate the rocky waters of divorce successfully. Contact us today at (480) 467-3434 for a free and confidential consultation.
About the Author
Zachary Mushkatel discovered his affinity for the law by chance. As a political science major at the University of Arizona, he first aspired to become a professor. But an unexpected invitation to participate on a mock trial team at the university encouraged him to turn his competitive spirit and drive…
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