Where a person files for divorce can have a big impact on how the couple's property will be divided by the court. For example, Arizona is a community property state and with that designation come particular rules that govern the property division process. This post will discuss some of the factors that Arizona courts will consider when they allocate property to parties going through divorce.
In a community property state, any property that a couple acquires during their marriage will be considered the shared property of both spouses. There are exceptions to this rule; for example, if one spouse receives a gift that is intended just for the recipient and not both spouses, then that gift becomes the separate property of the recipient.
All the property that a couple owns at the time of a divorce must therefore be classified as community or separate. Property may be designated community property and therefore subject to division between the spouses, or separate property which remains the property of one spouse.
Community assets must generally undergo a valuation process before the court divides the assets between the spouses. Once the court approves a property settlement it is a binding court order that must be respected by the parties.
The property division process follows some common steps but individuals should not rely on this post as specific legal advice. As every couple going through divorce will have different assets, an individual going through a divorce should seek private counsel from a divorce attorney to have their specific legal matters addressed.