Whether you have recently filed for divorce or you are thinking of filing in the near future, you may be faced with the task of dividing marital property. It can be difficult to divide all of the property and assets that were accumulated during the marriage, as you may have grown attached to certain items.
Not only is it critical that each party disclose all marital property in their possession, it is important to know how property division works so you can be sure to get everything you are entitled to in the divorce settlement.
Community property model
Arizona is one of the few states in the nation that follow the community property model of property division. This means that all property amassed during the marriage is separated equally in half. This includes the following:
- Stock options, 401k plans and retirement accounts
- Term life insurance policies
- Rental property and houses
- Furniture, electronics, art and antiques
- Lottery ticket winnings and income tax refunds
In addition, any gifts given to one another during the marriage are also considered community property and are divided equally in half.
Separate vs. community property
Not all property is marital and eligible for division in the final settlement. Separate property consists of property and assets you owned prior to the marriage and never shared possession with your spouse. This includes property that only has your name on the title, gifts given to you by a third-party and/or inheritance that you received before, during or after the marriage. Any separate property that is combined with marital property, however, may be eligible for division in the decree.