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Assets and Debts

How does a court decide what is an asset or debt?
A piece of real or personal property can be both an asset and have debt attached to it. The court will decide if and how to divide an asset and any debt associated with it.

What is community and separate property?
Community property is property that is owned by both spouses. Separate property is property, which is owned only by one spouse. A portion of a property may be separate property while another portion may be community property. Speak with an attorney who can help assess the character of the property at issue.

Is an inheritance community or separate property?
An inheritance is generally separate property of the individual who acquired it unless the inheritance was given to both spouses or unless the inheritor caused the property to become community property after acquiring it.

What happens if I hide assets during a divorce?
It is unwise to hide assets during a divorce. There could be serious legal ramifications, and technically, criminal ramifications as well.

Is my prenuptial agreement valid in this state?
Arizona recognizes prenuptial agreements but it has to be drafted according to the law. Review all such agreements with an attorney to assess whether a court will uphold them.

How is property distributed in bigamous marriages?
Bigamous marriages are illegal in Arizona and a crime. The court will assess what the second wife or husband knew to decide how to distribute the property. Speak with an attorney to assess how the court will analyze the bigamous relationship.