Dividing Assets in Divorce: What You Need to Know About Property Division in Kingman, AZ

Dividing assets during a divorce can be a stressful and emotional process. If you’re going through a divorce in Kingman, AZ, it’s important to understand how property division works. Arizona is a community property state, which means that assets and debts acquired during the marriage are generally divided equally between both spouses. However, things can get more complicated depending on the situation, and this is where a family law and divorce attorney can help guide you through the process.

Community Property vs. Separate Property

In Arizona, the law follows the idea of “community property.” This means that most of the things you and your spouse acquired during your marriage will be divided equally between the two of you. These things can include:

·         Money earned by either spouse during the marriage

·         Homes, cars, or other property bought during the marriage

·         Retirement accounts and savings

However, not everything is considered community property. Some things are considered “separate property,” which belongs to only one spouse. Separate property includes:

·         Anything you owned before the marriage

·         Gifts or inheritances given only to one spouse during the marriage

·         Property or assets listed in a prenuptial agreement

If you’re unsure about which of your assets are considered community or separate property, a family law and divorce attorney can help explain how Arizona law applies to your situation.

How Property Is Divided

Even though Arizona is a community property state, dividing things doesn’t always mean splitting everything down the middle. The court aims for a fair distribution, which might not always be exactly equal. For example, one spouse may get the family home while the other spouse gets other valuable assets like savings or retirement funds.

When you go through a divorce, both you and your spouse must list all the property, assets, and debts you have. This includes things like bank accounts, cars, houses, credit card balances, and loans. The court will then decide how to fairly divide these items, or you and your spouse can agree on a division yourselves.

If you own a business, have complex assets, or have trouble agreeing on the division, a family law and divorce attorney in Kingman, AZ, can help you navigate these challenges and ensure everything is handled correctly.

What About Debts?

Dividing debts during a divorce works similarly to dividing property. Community debts are those taken on during the marriage, such as credit card debt, car loans, or mortgages. Both spouses are usually responsible for paying off these debts, even if the account was in just one spouse’s name. However, debts that were taken on before the marriage, like student loans, are typically the responsibility of the person who originally borrowed the money.

It’s important to divide debts fairly, so that one spouse doesn’t end up with an unfair burden. Your attorney can help ensure the division of debt is done fairly and that both you and your spouse are treated equally.

Protecting Your Financial Future

Going through a divorce is difficult, but it’s also a time to think about your financial future. It’s important that all assets and debts are properly disclosed. If you suspect that your spouse is hiding assets or not being honest, an attorney can help investigate and make sure everything is accounted for.

If you’re dealing with a divorce, getting legal advice from a family law and divorce attorney early on can help you avoid mistakes and protect your financial future. They will guide you through the property division process and help make sure that everything is handled fairly.

Conclusion

Dividing property during a divorce can be one of the most complicated parts of the process. Arizona’s community property laws mean that most assets and debts earned during the marriage are divided equally, but there are exceptions. Working with a family law and divorce attorney in Kingman, AZ, can help ensure a fair and smooth division of property and debts, so you can move forward with confidence after your divorce.