Division of Assets
Division of Assets Attorneys Who Put Your Needs First
Dividing assets and property is one of the most difficult legal challenges couples face when getting a divorce. The parties may be required to divide their assets among themselves in the case of a divorce or legal separation. As part of this process, it is common to divide not only tangible assets like homes, automobiles, and furniture, but also intangible assets like retirement funds, stocks, and bank accounts.
When a couple separates, it can be tough to decide how to divide their assets. Each person may have different priorities and preferences. The method of asset distribution may be regulated by state statutes. However, in many cases, parties can try to negotiate an agreement on their own, which can then be formalized in writing and signed by all involved parties. If the parties are unable to settle their differences amicably, the court will make a ruling.
Courts look at a number of factors to determine an equitable distribution of assets during a divorce, including the length of the marriage, the contributions (financial and non-financial) made by each party, the parties' current and future earning potential, the arrangement for child custody, any debt incurred during the marriage, any prenuptial agreements, the tax liabilities associated with certain distributions, the parties' lifestyle expectations after the divorce, the parties' ability to support themselves after the divorce, and any children of the marriage
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Looking for an Arizona law firm specializing in the division of assets? We have the experience and expertise to help you get what you deserve. Our team at ReGain Law Firm, based in Chandler, AZ can help reduce stress and make the process more manageable.
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Division of Assets Laws in Arizona
The statute known as A.R.S 25-318 details the particular laws that apply to the distribution of assets in the state of Arizona. In general, these regulations stipulate that any property gained over the course of a marriage, excluding that which was received as a gift or inherited, is regarded as community property and, in the event of a divorce, will be split evenly between the two parties. The length of the marriage, the income levels and earning potential of both parties, age and health status, contributions to the marriage (such as homemaking or raising children), and any premarital agreement that was entered into before the marriage began are some of the many factors that may influence how the court decides on a fair division of marital assets. However, each case is different, and there are many factors that may influence how the court decides on a fair division of marital assets.
When it comes to divorce, it is also essential to take into account the fact that Arizona is a no-fault state. This means that when you file for divorce, you are not required to give a reason for wanting to end the marriage. In order for the divorce to be considered legal in Arizona, either you or your spouse must have been a resident of the state for at least ninety days prior to filing for it.
If you are unsure of how your assets will be distributed following the completion of your divorce in Arizona, you may want to consider seeing an attorney who specializes in this area of the law. They are able to assist in protecting your legal rights and ensuring that you are accorded what the law in Arizona deems to be fair and just treatment.
How do I start the Asset Division Process?
If you and your soon-to-be ex-spouse can't agree on how to divide your assets, and you still want to get a divorce, it's crucial to know how the court will handle the matter.
A divorce petition is the initial legal step in the process of dividing marital property. You can start the divorce process by filing this request, which can be done individually or jointly as long as one spouse has lived in the state for the previous 90 days. After filing, you must also serve your spouse with documentation to make them aware of the suit and give them copies of any records that pertain to the division of assets.
Once this is complete, you and your ex-spouse can settle out of court by attending mediation or entering into settlement negotiations. If the couple is unable to settle their differences through informal means like negotiation or mediation, they will have to go before a family law court who will make the final decision on how to divide their assets based on a number of variables like their respective earnings, debts, assets, etc. Once the divorce is finalized, the judge will issue an equitable distribution order detailing the division of marital property.
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Do I need a Lawyer for an Asset Division Case?
When dealing with the division of assets during a divorce action, it is recommended that you seek the counsel of an experienced family attorney in the majority of cases. An attorney can provide guidance and information on your rights according to the law of the state, as well as advise you if any prenuptial or postnuptial agreements have been signed that may affect the outcome of your divorce. They will also be able to answer any concerns you have regarding the procedure, handle any paperwork and talks related to reaching a settlement in a dispute involving the division of assets, and fight for you in court if that becomes necessary.
Keep in mind that the primary objective of the attorney you choose for your case is to protect your interests when making your choice. Choosing an attorney to represent you in a case involving the division of assets requires careful consideration. In addition to conducting research on potential attorneys online or requesting recommendations from people you know, you should make it a point to meet with multiple an attorney before deciding to move forward. This will allow you to ask detailed questions regarding the attorneys' levels of experience and areas of expertise in such cases. Keep in mind that although while hiring an attorney may be more expensive than representing oneself in court, they are nonetheless extremely helpful tools during this trying time.
Experts in Divorce Law | ReGain Law Firm
Taking the first step towards a new chapter in your life after divorce can be difficult, but our top-notch divorce lawyers at ReGain Law Firm in Chandler Arizona can make it easier. Our team of experienced professionals understand the nuances and complexities of divorce litigation and are committed to providing every client with personalized legal service. We will work closely with you to plan a strategy that meets your needs and efficiently guides you through the divorce process. Don't wait any longer — contact us today to schedule your consultation so that we can help you get started on the path towards your future. Let us help you take back control, ReGain your voice, ReGain your Power, ReGain your life.