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….
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…
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…
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