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….
What Property Does Not Get Divided in a Divorce?
According to Arizona Revised Statute section 25-213, “separate property” cannot be divded by the court. Separate property consists of items owned before the marriage or received as an inheritance or gift during the marriage and kept separate during the marriage. It is possible for a person to gift his or her separate property to community…
What is Considered Community Property?
According to Arizona Revised Statute, Section 25-211, generally, anything that a married couple accumulates during the marriage is considered community property, that is, both spouses own an undivided share of the whole. Exceptions to this general principle include those assets acquired prior to the marriage, by gift, devise (a will) or descent (inheritance). Because the…
How Does Arizona Law See Division of Property?
You and your spouse may decide this for yourselves, but it is important to note that Arizona is a community property state. In accordance with Arizona Revised Statute 25-211, community property is all property acquired during the marriage by the efforts of either party through the date of service of the Petition for Dissolution. The…
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