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DIVISION OF PROPERTY

The Arizona courts are required to make an equitable division of the joint and community property of the parties. 

 

Joint property includes any real or personal property that is jointly owned or titled by the spouses.  This can include real estate, bank accounts, motor vehicles and investments jointly titled such as brokerage accounts, stocks and bonds.

 

Community property is all property acquired by either husband or wife during the marriage unless that property was acquired by gift, devise or descent, or acquired after service of a petition for dissolution of marriage, legal separation or annulment if the petition results in a decree of dissolution of marriage, legal separation or annulment.

 

Community property includes pensions, deferred compensation, 401k’s, and other retirement assets that are earned during marriage. 

 

Separate property is a spouse’s real and personal property that is owned by that spouse before marriage and that is acquired by that spouse during marriage by gift, devise or descent, and the increase, rents, issues and profits of that property.  Examples of separate property include gifts or inheritances received by a spouse before or during marriage.  Property that is acquired by a spouse after service of a petition for dissolution of marriage, legal separation or annulment is also the separate property of that spouse if the petition results in a decree of dissolution of marriage, legal separation or annulment. 

 

Qualified Domestic Relations Orders, or “QDRO’s” as they are commonly called, need to be drafted in most cases to correctly divide the community portion of retirement accounts and pensions.  It is critical that QDRO’s be drafted correctly to protect your share of retirement accounts and pensions.

Checklist of Marital Assets and Debts-1.

DISCLAIMER

The information contained on this website is for general informational purposes only and is not, nor is it intended to be,  specific legal advice.  Online readers should not act or refrain from acting upon this information without seeking professional legal counsel.  If you need legal advice, the Law Firm of Zarina N. Aguilar welcomes your contact and inquiries.  However, please be aware that communication with the Law Office of Zarina N. Aguilar via the internet or e-mail through this website does not constitute or create an attorney-client relationship, and whatever you disclose to us will not be privileged or confidential unless  Mrs. Aguilar or Mrs. Bauer has agreed to act as your legal counsel and you have executed a written agreement with the Law Office of Zarina N. Aguilar.  Therefore, always wait until such time as an attorney-client relationship has been established  before providing confidential information.  The material on this website may not reflect the most current legal developments.  The content and interpretation of the law addressed herein is subject to revision.  We disclaim all  liability in respect to actions taken or not taken based on any or all of the contents of this site to the fullest extent permitted by law.   Under certain state rules of professional conduct, the contents of this website may be considered attorney advertising material.

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