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Division of Assets

Prescott Division of Assets Attorney

How Assets Are Divided in Arizona

When two spouses decide to divorce, they must divide their assets, including property and debts. The state of Arizona follows a community property method in which any property or debts acquired during the time of the marriage are considered equally shared between both spouses. Furthermore, Arizona does not require that assets be divided in an exactly equal manner, but rather in a manner that is fair. Whether you and your spouse are able to agree on the division of assets in your divorce or you are unable to come to an agreement and must have the court handle this aspect of your divorce, it’s wise to enlist the assistance of a skilled Prescott division of assets attorney who can advocate for you. At Willison Law, PC, our attorney has years of experience navigating the family law system and can help to protect your interests during your divorce.

Contact our Prescott divorce attorney at (928) 445-3534 to schedule your initial consultation today.

 

Community Property vs. Separate Property

In Arizona, the court recognizes both community (or marital) property and separate property. Community property is any assets or debts that are obtained during the course of the marriage, whereas separate property involves the assets or debts that belong to a single spouse. It can be difficult to prove that a certain asset is separate property, as many assets originally owned by only one spouse can be changed to community property during the marriage.

Examples of community or marital property include:

  • A house owned by both spouses
  • Cars, boats, or other property acquired during the marriage
  • Shared bank or retirement accounts
  • Shared businesses or investments

Often, separate assets can become community assets, even when it is unintended. For instance, if one spouse owned a home prior to the marriage, but both spouses made mortgage payments, the house may be considered a community asset. Similarly, a bank account in the name of just one person may be considered marital property if both spouses made deposits into the account.

 

Why Hire an Attorney?

It is relatively rare for two divorcing spouses to agree on every aspect of asset division. Additionally, it can be difficult to distinguish between community and separate property, determine property value, and agree on a fair division of assets. Having an experienced Prescott division of assets attorney on your side can make the process simpler. An attorney can also work to preserve your best interests.

At Willison Law, PC, we offer personalized, one-on-one attention and compassionate legal services tailored to your specific situation. We understand how difficult it is to deal with a complicated family law matter, which is why we are prepared to handle every aspect of your case and work to help you find an agreeable solution for your unique family.

Need assistance with property division in your divorce? Contact our firm at (928) 445-3534 to schedule your initial consultation with our attorney today.

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Review:
"Stephanie is quick with her knowledge, advocates for her clients, and very to the point, which I found extremely helpful, especially when communicating with the other party on my behalf...." read more
- Juliah Custodio
 
Review:
"She was very good at explaining how everything worked and answering any questions that came up. Also very caring and left you with the feeling that somebody was in..." read more
- Jeffrey Bock
 
Willison Law, PC 5 out of 5 based on 2 ratings.
Prescott Family Lawyer | Willison Law, PC
5 out of 5 stars Stephanie is quick with her knowledge, advocates for her clients, and very to the point, which I found extremely helpful, especially when communicating with the other party on my behalf. I appreciate her promptness, responsibility and overall passion for her job. I had a fairly easy divorce case but she got me exactly what I wanted out of it- had it not been for her, I’m not sure that would have happened. I have already recommended her to a few people! Definitely recommend Stephanie if you’re seeking a dedicated attorney.
Prescott Family Lawyer | Willison Law, PC
5 out of 5 stars She was very good at explaining how everything worked and answering any questions that came up. Also very caring and left you with the feeling that somebody was in your corner. She made sure that things worked out the way they should. Would highly recommend to anyone going through a divorce.