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Community Property in Arizona – How is it divided?
The law in Arizona requires that a couples community property be divided fairly and equitably. Now generally that is equally divided, but not always. Again, it is equitably divided. So what that can mean is that creative lawyers get together and come up with solutions to make that happen. For instance, if husband is awarded the community residence, he could perhaps pay wife her 1/2 interest in that equity in other forms. It could be she takes more of his retirement benefits, she gets more of the vehicles, more of the bank accounts, those types of things. On the other hand, though, if you leave it up to a judge, the court can be a little more rigid and, as I like to call it, the Guillotine, sometimes they just chop everything in half, and often times I think that if they could cut a couch in half and give it to both parties they would.
What is Community Property in Arizona- What is it?
Well, you might ask, what is community property in Arizona? Community property in Arizona is property acquired or obtained during the marriage, from the date of the marriage, all the way up to the date of the service of the divorce petition. Generally, people think of houses, cars, retirement benefits, and bank accounts, but there are also other things that can be divided as well. I have litigated cases where it was disputed whether or not an embryo or an egg is property. And also things such as good will in a dental practice or in a legal practice, is also considered community property potentially. So it is always wise to seek out the services of a competent and qualified family lawyer so that you can identify all of those items that may be deemed community property in the state of Arizona.