Experienced Scottsdale Divorce Attorney Manages Division of Property
Dedicated representation focused on producing a fair outcome
If you are going through a divorce, how your property gets divided is vitally important to your future financial security. Arizona is a community property state, so the law mandates that marital property must be divided equally. However, the process can still lead to an unequal and unfair outcome if you do not have a strong advocate on your side. Attorney Mark Cord has more than 40 years of experience in highly contested divorce cases. He understands how the theory of property division works in reality, and he is prepared to protect your rights.
Understanding the difference between marital and nonmarital property
Community property law requires the court to divide the assets and debts in a marital estate equally. But nonmarital property is not subject to division; nonmarital property belongs to one of the spouses alone. So, what is the difference between the two?
Nonmarital property consists of assets and debts that are:
- Acquired by a spouse prior to the marriage or after a legal separation
- Acquired by a spouse during the marriage using only a spouse’s nonmarital property
- Received by one spouse as an inheritance or gift (except a gift from the other spouse)
Marital property consists of assets and debts:
- Acquired during the marriage
- Given as a gift from one spouse to the other
The process should be simple and straightforward, but unfortunately, it rarely is.
Complications that arise when dividing marital property
Divorcing couples are usually unprepared for the complexities of property division. Problems that may arise include:
- Withholding assets — One spouse may attempt to hide marital assets from the other to retain full ownership. This is fraud.
- Revealing hidden debt — One spouse may come forward with huge debts rung up during the marriage. Whether these are marital debts depends on the specific circumstances.
- Placing a correct value on property — Certain items, such as real estate, business interests, jewelry, fine art and antiques, can be difficult to assess. Parties may come up with competing appraisals that require adjudication.
- Deciding what to do with the house — For most couples, the family home is their largest investment, and they often do not have sufficient assets to offset awarding the house to one party.
Other issues can arise over the division of retirement accounts, property held outside the state, or property that has recently been transferred to another party. Scottsdale divorce lawyer Mark Cord acts to ensure the courts have full and accurate information so that your property is divided fairly in your divorce.
Contact a respected Scottsdale lawyer today for a free consultation on property division
Divorce can be extremely stressful, but your future depends on getting the details right, especially when it comes to financial matters. You can depend on attorney Mark Cord in Scottsdale, Arizona to provide clear legal guidance and strong advocacy for your property division issues. Call Mark at 480-994-0345 or contact his firm online to schedule your free initial consultation.