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Property Division Archives

What is considered non-marital property?

As this blog has mentioned before, Arizona is a community property state. In the context of a divorce, this means that, generally speaking, marital property is split 50-50 between the spouses. Incidentally, even couples with no intention of splitting need to be aware of our community property laws.

What is so special about an offshore account?

Many of our readers know that offshore accounts are investment tools, a lot like stocks, bonds, insurance policies and retirement plans. The distinctive feature of an offshore account is, as the name implies, the bank holding the account is in another country and therefore subject to the laws of that other country. This may create legal complications, but it also can give some important legal and financial advantages to a legitimate investor.

Consider taxes when valuing property

Thinking about taxes and how they will affect a divorce or separation is not just an exercise that the wealthiest residents of the Phoenix area should undertake. Indeed, as a previous post pointed out, any separated parents who have children, and, thus, the ability to take child-related tax benefits, need to think about this issue.

Sentimental value versus market value in property division

As this blog has discussed, part of the divorce or separation process in Arizona involves dividing up property. When doing so, one of the biggest if not the biggest issue involves asset valuation and division. It is an important issue because, without paying attention to it, a party to a divorce can end up getting an unfair deal that they may wind up just having to live with. Incidentally, understanding asset valuation is also important for happily married couples when they are selling something like a house, a car or even a piece of furniture.

How is the value of art determined?

In the event of a divorce or a legal separation, a Phoenix couple that happens to own a piece of unique artwork, as opposed to a commercially available reproduction, will face the difficult question of how much the art is actually worth. The answer to this question can affect property division and other court decisions. Incidentally, knowing how to value one's art can also be of benefit even to happily married couples who might need to know this information for business or tax reasons.

Legal separation and property division

As is the case in other states, Arizona has a process by which a couple can choose to obtain a legal separation instead of a divorce. There a number of reasons a couple might choose to take this route, including personal moral beliefs or for financial reasons like tax breaks or health insurance.

A review of Arizona prenuptial agreements

Like other states in the country, Arizona allows couples to enter into prenuptial agreements, which are technically called premarital agreements in this state. This means that if two Phoenix residents decide to marry, they can make an agreement in advance as to how asset valuation and division will be handled in the event of either death or divorce, and the courts will enforce that agreement.