During a marriage a couple can acquire a lot of possessions. Those possessions can include small items of personal property, as well as large parcels of land or other types of real property. Additionally, Arizona couples may acquire or create banking accounts or other financial accounts for their savings, retirements and investments. When it comes to dividing all of this property during a divorce, it can be hard for a person to know what the person should and should not expect to receive.
Individuals should first have an understanding of the difference between separate and marital property. Very simply, separate property is property that is owned and managed by one of the spouses while marital property is property acquired by both spouses. Separate property can become marital property if the couple uses other marital assets to maintain or purchase it.
Separate property generally goes to the spouse that owns it and state laws can influence how marital property is divided. It is important for readers of this Phoenix family law blog to remember that every divorce is different and as a result every property division may look different as well. For example, an individual may prefer to receive property on which the person places a great amount of sentimental value rather than property with a higher actual value based on the person’s feelings or preferences at the time of the divorce. Other couples may seek to divide their shared or marital property as equally as possible; however, individuals are subject to the law of the state when it comes to settling their property matters.
Though some property divisions can be straightforward others are more challenging. Some individuals who must face complex property division matters choose to enlist the help of divorce attorneys to help them achieve fair outcomes to their divorces. While fairness may not look the same in every divorce individuals have the right to express their preferences during the settlement of their property division disputes.