Did you know that the state of Arizona uses a community property system to divide assets and debts when going through a divorce? The system used here is completely different than the equitable distribution method used by most other states. If you are currently facing a divorce it’s imperative that you get advice from a local family lawyer who understands the Arizona Community Divisions.
What is considered Community Property in Arizona You May Ask?
Community property is when a husband and wife both own the property. It’s important to note that it doesn’t matter who purchased the property. The only exceptions to this rule is property acquired by the following:
– Property that was acquired by devise (inherited by will)
– Property that was acquired by descent (inherited other than by will)
– Property that was acquired by gift
Property acquired by one of the above is considered separate property. Separate property means that the asset was acquired or owned prior to the marriage or was a gift during the marriage. Most of the time assets that you or your spouse acquire during the time of marriage fits into the community property category. This includes the following:
– Real Estate
– Bank Accounts
Schedule Your Complimentary Consultation
Louis Lombardo has represented hundreds of satisfied clients since 1995. He understands the local laws & can help you resolve your case in a timely manner so that you can move on with your life. We work with clients from all over the state of Arizona. That includes Phoenix, Chandler, Gilbert, Mesa, Queen Creek, Scottsdale, Tempe & more. To get started give us a call at 480-413-9300 and we will get you started in the right direction.