Division Of Assets And Debt In Divorce
At the Law Office of Daniel J. DeRienzo, we understand that our clients are enduring tough times that require even tougher decisions. People going through a divorce need an attorney who is not only compassionate, but also empathetic.
As someone who has gone through a divorce, Arizona attorney Daniel J. DeRienzo, the founder of our law firm, understands the importance of trust. He focuses on protecting the interests of his clients while keeping them updated as to the status of their cases.
How Are Assets Divided?
The Court is required to fairly and equitably divide the joint, common and community assets and equitably apportion the joint, common and community liabilities. This does not mean that the Court is required to make a fifty-fifty split. Often, it is impossible to equally divide everything and the Court will attempt to divide assets according to logistics, wishes of the parties, and the value of the assets and liabilities.
“Community property” generally is all property acquired during a marriage except that which is acquired by gift or inheritance. “Property” means a thing of value and does not necessarily mean land or a building. Generally, the earnings of a spouse are community property, as are all of the fruits and proceeds of those earnings. Property acquired during a dissolution of marriage proceeding is pending is generally not community property.
Separate property is property acquired before marriage or by gift or inheritance during marriage or after proceedings have been commenced and purchased with your salary. If separate property is mixed (“comingled”) with community property, the separate property may lose its separate character and become community property. The Court is required to apportion to each spouse whatever is his/her separate property. Sometimes, there may be dispute about whether a certain item of property is separate or community and a Court can grant a community lien on one spouse’s separate property to allow some payment in favor of the other spouse.
Helping Our Clients Through the Challenges of Property Division
Division of property serves as one of the most challenging aspects of divorce. Essentially, we are helping our clients and their spouses see what their future may look like. For them, that future is uncertain at best. As one household becomes two, they fear not having enough money to make ends meet during the legal process and following the finalization of their divorce.
From frequent flyer miles to the marital home, all assets are on the table. Property division for more significant assets such as family-owned businesses, stocks, bonds and retirement accounts require the help of forensic accountants, appraisers and other financial experts.
Personalized Representation With Compassion and Efficiency
During your initial consultation, Dan will spend time with you to identify your needs and goals, and help you set realistic expectations. While you may feel anger and fear as most of our clients do, we will help you take steps to move on with your life. The first step is to see if there is agreement between you and your soon-to-be ex.
If a “middle ground” cannot be found, Mr. DeRienzo is a skilled trial attorney who will pursue the best outcome on your behalf in court.