Here Are Some Property Division Plans That Work
The division of property is one of the most difficult decisions facing divorcing couples. The law allows for marital property to be distributed equitably. This means that both parties are entitled to an equal portion of assets and debts. It is helpful to resolve disputes to create property division plans that work best for everyone. This is usually best accomplished with help from an experienced divorce attorney.
Take Inventory of Your Assets
The most important step in creating a property division plan is to inventory your assets. You must acknowledge all of your assets and debts before they can be properly divided. If you forget something, the divorce, or life after a Decree is entered, could be more complicated. Make a list of all bank accounts, savings plans, retirement accounts, investments, and property. Also, make a list of all debts owed.
Understand the Meaning of Marital Property
Marital property includes everything that was purchased or acquired during your marriage. There are several exceptions that should be noted. Any assets that you owned prior to the marriage remain yours in a divorce. With limited exceptions, inheritance and gifts that were made to one person belong only to him or her, and are not to be divided if you split up. Determining marital property can become very complicated, especially if you lived together before marriage. Consult with your attorney for guidance.
Do Not Make Hasty Decisions
In an effort to placate your spouse or move on with life after marriage quickly, you may be tempted to agree to a division of property that is not fair. Before you consent to any division of property, be sure that you have the opportunity to review all of your assets, along with their values. Only then can you get a full picture of how everything can be more equally divided.
Know That Property Must Be Divided Equitably
In Arizona, property that was obtained during the marriage belongs equally to both parties. Therefore, in a divorce, assets and debts are to be divided in an equitable manner. Your divorce attorney will help to protect your rights and ensure that everything is split fairly. Remember that debts must also be accounted for in a divorce.
Put All Decisions in Writing
Once you have made decisions regarding the division of property, put them in writing. This can be done by keeping a list. It is important that both you and your partner acknowledge the decisions, which can be accomplished through emails. Keep in mind that a writing between spouses regarding the disposition of their assets and debts could be considered a binding agreement under what’s called Rule 69 of the Arizona Rules of Family Law Procedure. The property division plan will be included in the divorce decree, making it part of the legal order.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Property Division Plans That Work, or other family law issues, please feel free to contact Jonathan D. Brooks at 480.461.5300, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.