Tucson Division of Assets Help
Tucson Division of Assets Lawyer
Arizona is a community property state, for those who aren’t aware. This means that in the event of a separation or divorce, the court will be responsible for dividing the marital property and they will assume that all marital property is community property unless otherwise disclosed or obtained prior to the marriage. It can quickly get confusing and no one wants to be blindsided by a judge’s decision to divide things in the worst way possible for you and your soon-to-be-ex. That’s where having a dedicated Tucson division of assets lawyer can come in handy.
What Is Division of Assets?
Property division is a necessary part of legal separation and divorce. This includes the distribution and division of any real and liquid assets, such as bank accounts, furniture and appliances, mortgages, medical bills, real estate, etc. In Arizona, if it is left to the courts, everything will be split as close to halfway as possible. That doesn’t always work for the people involved in the marriage, of course, so they may seek out an attorney to help them create a prenup or postnuptial agreement or to create another division of assets document that can be used in the case of legal separation or divorce.
The process of property division consists of four main steps:
- Identification: of the property that is being divided
- Classification: classifying the property as separate or community assets/debts
- Valuation: determining what community property is worth
- Division: final division of the community assets and debts
If left to the courts, this process may not always end in everyone’s favor. They will first assign separate property, and then work to divide the community property in an equitable way, despite what the spouses may want. That’s where it comes in handy to have a document in place that gives you a say over how assets will be divided in the event of separation or divorce.
Community vs. Separate Property
In Arizona, community property refers to all property that is acquired during the duration of the marriage. This includes a residence, vehicles, pensions and other liquid assets, etc. Anything that couples could acquire while married falls under this category. It could even include commercial properties and business assets, timeshares, virtual assets, pets, rents and investment returns, and so on.
If it was acquired during the marriage, it’s likely going to be considered community property by the courts. Therefore, if you want control over its division, you should work with a division of assets lawyer to create your agreement.
Separate property refers to property that spouses have prior to the marriage. This includes real and personal property, financial assets, and debts that were accumulated before the marriage. These will continue to remain separate in most cases. However, there may be some instances where a once-separate asset is now deemed a community asset, at least in the eyes of the court.
Is This Just for Divorce?
Not necessarily. A division of assets lawyer can help with this process if you are going through a legal separation and you need to divide the property in the meantime. For example, as part of the legal separation, you might want to divide assets like real estate and vehicles so that there are terms as to where both parties will be living and their access to transportation.
Another time that people consider hiring a Tucson division of assets lawyer is for the creation of a prenuptial or postnuptial agreement. These agreements are made before (prenup) or after (postnup) the marriage, and often spell out who gets which assets in the event of divorce. Because you’re creating a guide as to the division of property, it’s helpful to have a dedicated attorney on your side to ensure that the process is fair and transparent.
Benefits of Property Division through Marital Agreements
In the state of Arizona, you stand the best chance of getting the outcome that you desire when you work with a qualified attorney to file the appropriate agreements ahead of time. Even if you’re already married and it’s too late for a prenup, you can still create a postnup to protect and divide the assets in a way that works for you. This gives both spouses more control in the division of assets and ensures that the courts don’t just randomly divide things in half with no concern as to who wants what.
Choosing to do this through a marital agreement, no matter what form that takes, is a proactive step that will give you more peace of mind in your marriage. Yes, ideally you’ll be married forever and get your happily ever after. However, that’s more the exception than the rule. And whether your assets are modest or massive, you should protect them just in case the “ideal” doesn’t quite deliver as you anticipated.
Working with an experienced Tucson division of assets lawyer will ensure that you understand the process and know what to expect. It will also guarantee that your agreements are legally binding and within the guidelines of the law so that you don’t invalidate them unknowingly. If you can reach agreements, it’s often best to handle your own asset division instead of leaving it up to the courts. With the right lawyer, it can be a simple, straightforward process.
Contact the Modern Law Team for More Support
We know how hard it can be to think about the future in a way that makes you want to plan for the worst. However, we also know what it’s like for those who didn’t take the time to plan and who didn’t get the asset division they deserved. Arizona attempts to be fair by using community property rules to separate things equally, but as we all know, few things in life are equal.
Contact us today to discuss your concerns about marital asset division and find out how our experienced lawyers can help you get your legal matters in place, including a proper division of assets that will take effect in the event of separation or divorce.