I am getting ready to file for divorce here in Arizona. Can I take all the money out of our Scottsdale joint savings account?
No, because although the temporary injunction is not in place, you are intending to file and it is not fair to take all the money out of any joint accounts you have in Arizona. You may take half of the money, and this should not cause any problems in case you have to explain this…
During a divorce in Arizona, what if neither of us can afford the house in Scottsdale?
This is no different than if you were together. You have the same problems and issues as if you were together (divorce just makes it more difficult). The mortgage company expects both of you to pay. If there is a deficiency judgment because of a line of credit, the creditor will look to both of…
What happens when spouses in Arizona own a business together?
During the divorce process here in Arizona, the court will usually attempt to keep the things the way they presently are when it comes to the day-to-day operations of a family business. A business valuation expert can assess the value of the business during the divorce matter. Arizona courts, with the input from the business…
What if my spouse does not pay the community debts as ordered in the final decree? Can our creditors force me to pay?
Yes, Arizona Revised Statute 25-318 states that a creditor can collect a marital debt from either spouse, regardless of which spouse is ordered to pay the debt by the court. The innocent spouse then has the right to recover from the obligated spouse. If a party fails to comply with an order to pay debts,…
What does a property settlement agreement do?
A Property Settlement Agreement lays out and explains how your property will be divided. If the court ultimately decides how your property will be divided, the property division will be explained in your decree, which is public record and can be read by anyone. If, however, you negotiate and draft a Property Settlement Agreement, you…
How do the vehicles get divided during my divorce?
Usually spouses have driven one vehicle and that is the one they want to keep. There may be an adjustment if one vehicle has a greater value than the other. For instance, if the truck has equity of $10,000 and the SUV has equity of $20,000, one person has $10,000 more value than the other….
What Happens if the House is Community Property? What if it is Sole and Separate?
Option one is one spouse stays in the house and makes all the payments; the parties get the house appraised and decide the value of the house. Then the party who wants to live in the house pays the other spouse half the value of the house. This can be paid with cash in a…
Characterization of Property During a Divorce
The first thing to decide is the character of the property. If it is community, it can be split 50-50. If it is sole and separate, it is yours and does not need to be divided but it must be disclosed. At the end of the divorce, you will want to divide the community property…
How do deferred compensation accounts, 401k, and retirement benefits get divided during a divorce?
The court will split these 50/50 if it was all acquired during the marriage. There is no penalty to divide and the money is not removed from the accounts. After the division, each party is subject to IRS rules for prematurely withdrawing the money. One spouse cannot create a tax liability for the other spouse….
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