One of the most common concerns during a divorce is the division of assets, especially when one spouse’s name isn’t on significant assets like a home deed or business ownership. A recent video from Modern Law Divorce and Family Law Attorneys addresses this very concern. Billie Tarascio, attorney and owner of Modern Law, sheds light on how assets are split, even if they aren’t in both spouses’ names.
Community Property and What It Means
Arizona, like several other states, operates under the community property principle. This means that any assets or debts acquired during the marriage belong equally to both spouses, regardless of whose name is on the title or deed. So, if you’ve been married and have contributed to the growth of a business or home, you have a rightful claim to a portion of its value, even if it’s not in your name.
The Growth Factor
Even if one spouse brought a business or home into the marriage as separate property, the other spouse could still have a claim. If the marital community (both spouses) has invested in and contributed to the growth of that separate property, they have a right to a portion of its increased value. This ensures that both parties are recognized for their contributions, whether financial, emotional, or logistical.
Overcoming Intimidation Tactics
It’s not uncommon for one spouse to try and intimidate the other by claiming they have no rights to certain assets. As highlighted in the video, a spouse was told she would get nothing because nothing was in her name. However, legal principles like community property ensure that both spouses’ contributions are recognized and protected.
The Importance of Legal Counsel
While it’s possible to navigate a divorce on your own, complex issues like asset division can benefit from professional guidance. As Billie Tarascio suggests, cases like these can be challenging to handle independently. Seeking advice from a family law attorney can provide clarity, ensure your rights are protected, and help you understand the full scope of your entitlements.
Looking Beyond Tangible Assets
While businesses and homes are significant assets, it’s essential to remember other shared assets and debts. This includes joint bank accounts, retirement funds, shared debts, and even intangible contributions like one spouse supporting the other during their education or career growth.
Divorce can be a challenging and emotional journey, and concerns about asset division can add to the stress. However, laws and principles are in place to ensure a fair distribution based on both spouses’ contributions. At Modern Law, we understand the intricacies of asset division and are committed to ensuring that your rights and contributions are recognized. Whether you’re just starting the divorce process or are in the midst of negotiations, our team is here to guide and support you.
Remember, every contribution, whether financial or emotional, has value, and you deserve to have your efforts recognized and protected.
