Is Arizona a 50 50 state in a divorce?
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Is Arizona a 50 50 state in a divorce?
Arizona makes an exception to the 50/50 rules where each spouse takes half the assets and debts if one spouse has committed waste (reckless spending) of marital assets. For example if one spouse spent $100,000 of marital assets gambling, a judge may reduce the gambling spouse’s property award by $100,000.
How are assets divided in divorce in Arizona?
The process of dividing assets and debts is two-fold. First, the court awards each spouse his or her separate property. Second, because each spouse is entitled to one-half of the community estate, the court divides community property equitably.
Is Arizona an equitable distribution state?
Arizona law requires an equitable division of the divorcing parties’ community property. Unlike many other states, Arizona does not have a statute which sets out a list of factors that a judge must consider when the judge distributes community property. While some general rules apply, the judge has broad discretion.
What is considered community property in Arizona?
There is a presumption under Arizona law that any assets or debts acquired during a marriage are community property, meaning property that is owned jointly by both parties. Property that was owned by one spouse prior to the marriage or is inherited or acquired as a gift is considered separate property.
Is Roth IRA protected from divorce?
A Roth IRA, like any other asset owned by the parties, is subject to property division in divorce. For example, the parties may agree that the account holder will keep the Roth, but the other party will receive a greater portion of the equity in the marital home.
What should I consider in a divorce settlement?
How to calculate a fair settlementMake a list of assets and liabilities.Assess the initial contributions of each party.Consider the length of the relationship.Determine whether or not any assets or liabilities should go together or in separate pools.Deduct the liabilities from the assets to get the total property pool.
