Can A Spouse In Arizona Hold Sole And Separate Property?
In Arizona, there are two types of property. There is community property and separate property. Community property is all the assets that were acquired during a marriage or registered domestic partnership. Separate property includes any asset owned prior to the marriage or registered domestic partnership as well as anything bought with separate funds from either spouse after separation. Whether obtained before, during, or after the legal separation/divorce proceedings are complete-anything acquired by inheritance and gifts shall be the single and separate property of each party involved in those events.
The following items are included in the separate property:
When a person inherits property or money, they become the sole owner and all of their rights to use it. There are exceptions though; for example, when someone has inherited money and deposits what was given in a joint account with another individual – this might make them co-owners. A spouse may also be made the other partner if they inherit real estate while making their husband/wife an equal shareholder on titles that were just received about recently transferred properties where both individuals will now have access to ownership as well as any equity from such transactions like home mortgages being used by either party at times of need without having to go through binding legal proceedings beforehand.
- If you’re an inheritor of property, then you’ll have a lot more rights to use it
- You won’t need to worry about merging ownership with someone else’s because it will be all yours
Assets Owned Prior To Marriage
The law states that any property a spouse owns before the marriage is his or her own. This includes automobiles, jewels, and privately held bank accounts as well as other things like land and real estate. If there’s an agreement to make this property “community” following divorce then it will be shared equally between you both if your relationship ends but otherwise one of you would retain ownership over it in case of death unless agreed upon by all parties involved beforehand.
- Protect your assets
- Review and update wills, trusts, powers of attorney
- Provide for children following separation or death
- Compensation For Personal Injuries
In the event of a personal injury lawsuit, one spouse may be entitled to compensation which will then belong only to them. While money can sometimes be used for joint purposes such as paying household expenses throughout the marriage, this settlement reverts back exclusively upon separation or divorce.
- Provides peace of mind (after you’ve already had a lawsuit)
- Prevents unfair distribution of money and assets from within the marriage, after a divorce
- Guarantees that the settlement does not have to be shared with an ex-spouse when they do indeed separate or divorce
Arizona community property ruleses, however, debt is not considered a joint obligation of both parties. If a debt was only i are not limited to just assets, but also debts incurred during the marriage. In some casncurred by one party before they were married and it’s still an unpaid balance then that person does have to pay for their share of the partnership when divorce occurs.
In terms of property, the law recognizes any asset owned prior to the marriage or registered domestic partnership as well as anything bought with separate funds from either spouse after separation. Whether obtained before, during, or after legal proceedings are complete-anything acquired by inheritance and gifts shall be the single and separate property of each party involved in those events. If you want a lawyer who understands how Arizona law works when it comes to separating assets between divorcing couples then contact us!
Are You Looking for a Family Law Attorney Skilled in the Distribution of Property and Division of Debt in a Divorce?
The attorneys at GillespieShields are well-versed in a variety of different legal fields, ranging from family law to civil suits, employment disputes, and probate cases. Although we specialize in several areas of practice, our greatest passion is family law. In Arizona, married couples are required to divide property upon divorce. All property acquired during the marriage will be divided equally between both parties; it is known as community property in this state and applies to all types of possessions (both tangible and intangible), real estate, income, or debts that exist at the time of divorce. This can make dividing marital assets a daunting task if not done correctly from day one because there are certain rules which must be adhered to! During our private, one-on-one consultation, we’ll take the necessary time to answer any and all of our questions surrounding Arizona’s family laws, your family’s unique situation, and the possible court outcomes. Contact us today for your consultation!
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