Complex Property Division Attorney In Chandler, AZ
Divorce can change many aspects of your life, from your finances to your personal relationships. There are many reasons for property division to become difficult, whether it involves high-value assets or business properties. A Chandler complex property division lawyer can evaluate your case to help you and your spouse consider each asset when reaching an agreement.
Ellsworth Family Law, P.C.: A Seasoned Local Law Firm
Ellsworth Family Law, P.C., has over 20 years of experience in family law matters. Our skilled staff includes Certified Family Law Specialists and legal paraprofessionals to provide comprehensive guidance throughout a complex property division case. We know how emotionally challenging and personal these cases are, which is why we offer compassionate and detail-oriented advice regarding Arizona’s complex property division laws.
Assets You Must Consider During a Divorce
During divorce proceedings, every financial asset must be carefully evaluated to create a fair plan for property division. This can be difficult, as there may not be an easy way to divide certain types of property. Sometimes, one spouse may have a unique claim to certain property, or there may be high-value assets involved. In these complex cases, a Chandler complex property division attorney can create a plan that includes each asset.
Many people are facing the challenge of dividing their assets. In 2023, there were over 15,000 divorces in Arizona. Each case has unique assets and personal wishes that a lawyer can include in a property division plan. In general, the types of assets that must be considered in a complex property division case are:
- Real estate. Beyond deciding what to do with the marital home, the divorcing couple must also consider rental properties, land, and other real estate. This is especially important considering the high value of real estate, with the average home being almost $500,000 in Chandler, AZ. A lawyer can explore options such as establishing joint tenancy, deciding who retains sole ownership, or dividing the land.
- Businesses. Even businesses owned by only one spouse can often be subject to division during a divorce. The business division requires careful valuation and a unique plan to balance the business interests with the financial value. A lawyer can work to protect your business interests and your future income.
- Investments. In most cases, investments, such as stocks or bonds, that are acquired during the marriage are divided equally. This can often be more complex when they:
- Were acquired before the marriage.
- Were contributed to with marital assets.
- Have increased greatly in value.
- Personal valuables. High-value personal belongings, such as vehicles, art, designer items, or jewelry, not only hold a great deal of wealth, but they also have emotional ties. A lawyer can consider the emotional and financial value of an item to create a fair plan.
- Retirement accounts. Retirement accounts are important to consider, as they can affect your future stability. Many retirement accounts become complex when they were started before the marriage but contributed to by marital assets, which then grew the account’s value.
- Debts. While not an asset, debt is an extremely important factor to consider during a divorce. Debts such as mortgages, student loans, or business loans can leave an individual burdened for years. A lawyer can evaluate debts to create a fair plan that aligns with Arizona’s complex property division laws.
Understanding the Difference Between Community and Separate Property
During a divorce, understanding the difference between community and separate property is key to deciding how assets are divided. Many conflicts can arise over how an asset should be classified, especially in complex cases with high-value or unique assets.
Community property includes assets and debts that were acquired during your marriage. These assets are typically split evenly among the spouses, even if they were acquired due to one spouse’s income or decision. Common examples include the marital home and contributions to investment or retirement accounts.
Separate property includes assets and debts that were received as a gift, inherited, or acquired before the marriage. Examples include:
- Contributions made to investment or retirement accounts before marriage
- Properties that were inherited from a deceased family member’s estate
- A business that was started before marriage and had no contributions from marital assets
FAQs
Why Should You Hire a Complex Property Division Lawyer?
A Chandler complex property division lawyer can protect your future financial stability and business interests by working to see that assets are valued and distributed fairly. A lawyer can accurately identify and value all assets, including hidden assets or complex investments. They can also work to protect your separate property to keep you from losing property you have rightful control over. Your attorney can build a plan that minimizes the tax implications of high-value asset transfers.
What Evidence Is Needed for Property Disputes?
A variety of evidence may be needed to resolve a property dispute. Generally, financial documents and property agreements can be used to identify whether property is community or separate and what the value of the property is. A lawyer can identify what pieces of evidence are needed, which may be:
- Property deeds
- Financial account statements
- Tax returns
- Property appraisals
How Does Having a Prenup Affect Complex Property Division?
A prenup can make a complex property division case easier by defining separate versus community assets and outlining a plan for property division in the case of a divorce. About 1 in 5 couples have a prenup. Even if you have a prenup, you should hire a complex property division lawyer to uphold the terms of the prenup in the Maricopa County Superior Court and protect assets that it did not cover.
What Money Can’t Be Touched in a Divorce?
In a divorce, money and other assets that are determined to be separate property are not to be touched. Premarital assets, inheritances, and gifts are the most common examples, and they are typically not divided in divorce proceedings. However, there are instances in which separate property can become community property, such as if they commingled with marital assets.
Reach Out to a Chandler Complex Property Division Attorney Today
During a divorce, there are many changes in your personal life and financial position. Taking care to divide property accurately is especially important when facing complexities such as high-value assets, business properties, or disputes over separate and community property. Contact Ellsworth Family Law, P.C., to learn how we pursue equitable distribution plans that protect your financial future.
