Community Property
Arizona is a community property state, meaning all property acquired during marriage, except by gift or inheritance, is owned equally by each spouse. Community property has substantial effects on estate planning and asset protection. In addition to the general presumption about assets acquired during marriage, community property law states that all assets acquired on credit are acquired on community credit.
The inception of title rule holds that if an asset was community property or separate property when it was acquired, this will not change except by affirmative action of the owners. However, if the marital community contributes to an increase in the property’s value, it may be entitled to reimbursement or an equitable share of the enhanced value. It’s important to keep the effects of community property in mind when talking with your Rose Law Group pc estate planning attorney regarding your estate planning objectives.
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