David Cantor explains what community property is in this short video:
The State of Arizona is one of 11 states in the United States that are considered community property states.
Before you get married, any assets that you have before you get married are your sole separate assets.
Once you get married, any income you earn, and debts become community property or debt. Most people realize that assets are considered community property but most importantly, so are the debts that are incurred during the marriage.
Here are a couple of examples of sole separate property and community property in Arizona:
Owning a Home: For example, if a person buys a house before marriage with a $20,000 down payment, that is considered sole and separate property. When the marriage is over and the house is sold, the person who contributed the down payment (prior to marriage) can get that back. When the house is sold if there is any increase in value or debt that occurred during the marriage is considered community property.
Owning a Business: If one spouse owned a business and was small prior to the divorce and now the business is worth quite a bit. This is still considered community property because the business was built by the “community”. It’s possible that the wife never went into the office but instead raised the kids. Now there certain situations and ways to value a business so that it isn’t a 50/50 split.
Of course these examples all depend on your given situation. If you have questions about community property in Arizona, please call our office at (602) 254-8880 for a free consultation.
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