One of the most important yet often mishandled issues in a divorce or legal separation is the division of property and debt. Because Arizona is a community property state, many divorcing or separating couples find that the rules for dividing their assets and debt are different than expected. A simple mistake can cost you thousands of dollars, so hiring a Chandler property division lawyer to review your matter and guide you is always a wise investment.
Definition of property division
Just like it sounds, property division is dividing or separating property between two people. In family law, this generally arises when spouses divorce or legally separate, or unmarried partners go their separate ways. Regardless, it is something that deserves much thought and attention. You need to be sure you don’t relinquish something valuable and that you are willing to give up things that aren’t as important to you but can be powerful bargaining chips.
Property can take many forms. It can be real property, such as a house, commercial building, or land. It can be personal property, such as furniture or clothing. It can be titled property, which is a type of personal property that carries a title, such as a car or boat. Or it can be an intangible asset, such as an interest in a family business. You can’t split these things, so it is important to properly decide who should get them. It is also important to consider the tax implications of how the property is split, something many divorcing couples and even some attorneys overlook.