Complex Property Division Attorney In Scottsdale, AZ
When you get a divorce, and you and your spouse own complex, high-value, and diverse assets, you need a Scottsdale complex property division lawyer. Whether your divorce is a trial at the Maricopa County Superior Courthouse or you filed with the courthouse and are now negotiating the outcome, the right lawyer helps you protect your financial interests.
Scottsdale Complex Property Division Attorney
At Ellsworth Family Law, P.C., we have spent the past 20 years helping families in stressful family law cases with honest and compassionate legal guidance. Two of our attorneys are Certified Family Law Specialists, meaning they offer uniquely excellent family law support. Dividing financial assets in divorce is much harder when they don’t have a clear value, or you believe your spouse is not disclosing all assets. Our firm can help you with these issues.
The Significance of Property Division
The divorce rate in Arizona was low compared to the U.S., at two per 1,000 residents in 2023, but they still affect a lot of individuals and families throughout the state. The divorce process is costly for many reasons, including court costs, the loss of a shared income, and the division of other community assets. The median income in Scottsdale is nearly $105,000. When couples divorce, they lose a significant portion of shared income and assets.
During a marriage, each spouse is assumed to have equal rights to the property they gain in the course of their marriage. These assets and debts are called community property. Spouses still have equal rights to that property when they separate. In a divorce in Arizona, community assets and debts are split equitably by the court, as close to equal as is possible. The court does not consider marital misconduct.
However, the court may consider specific factors in dividing assets equitably, including tax implications of property division and any substantial hidden assets. The court may also consider the costs of a court case against one spouse where the other spouse or their children were the victims.
When Does Property Division Become Complex?
Property division is a part of nearly every divorce case, and not all cases are considered complex. When couples are wealthy or have complex assets, it can make the division process harder. It can require forensic accounts, asset valuators, and other professionals during the process. Some of the ways that property division can become complex include:
- Business ownership and interest. If either spouse owns a business or has an interest in a business that is community property, or if spouses own a business together, it can significantly complicate the division of marital property. Businesses and business interests have to be evaluated, their earning potential has to be considered, and many other factors have to be considered.
- Hidden assets. When spouses are getting a divorce, and they have complex or high-value assets, they may attempt to hide assets. This can severely affect property division. When community property is hidden, the other spouse will not receive a truly fair and equitable portion of community property. Forensic accountants are important to uncover hidden assets and ensure fair division.
- Real estate. In Scottsdale, Arizona 37.5% of homes were valued at $1 million or more. A shared home is one significant part of property division, but division becomes especially complex when one or both spouses own commercial properties, multiple homes, and other real property.
- Tax implications. Dividing complex and high-value assets can have significant tax implications. Buy-outs of companies or homes can carry tax consequences, and so can removing funds from retirement accounts or other assets. This is why it is crucial to plan for the taxes of buying or dividing assets, and using tools like Qualified Domestic Relations Orders to minimize financial consequences.
The support of a divorce attorney who has experience in complex asset negotiations is crucial. An experienced attorney can access resources like accountants and appraisers, and may have unique solutions to disagreements you and your spouse have while trying to divide assets. If you and your spouse cannot reach an agreement outside of court, your attorney can advocate for your interests while in court.
FAQs
How Is Property Divided in Arizona?
In a divorce, community property in Arizona is divided equitably, or as close to equally as possible. Separate property is retained by each spouse. Community property includes most assets and debts obtained during the marriage, and this property is divided without consideration to any marital misconduct.
However, there may be some factors the court considers when dividing property, such as tax implications of division, the costs of a criminal conviction of one spouse, and excessive concealment of community property.
Why Is Moving Out the Biggest Mistake in a Divorce?
Moving out during a divorce may be a mistake because it can affect your finances, your child custody, and other aspects of a divorce. It can prevent you from spending as much time with your children, which can also affect the results of custody arrangements when you petition for custody. Moving out is also costly, on top of the already high costs of a divorce. However, if you are not safe at home, you should move out.
Why Is It Important to Hire a Complex Property Division Lawyer in Arizona?
It’s helpful to hire a complex property division lawyer in Arizona to protect your financial interests in a divorce. Property division can already be a lengthy process. It can be even longer and more frustrating when you have complex financial assets, and asset categorization is unclear. Your attorney has resources to help categorize and evaluate assets. They can also help negotiate a property division arrangement out of court, which can be less stressful and less costly.
What Is the Cost of a Complex Property Division Lawyer?
The cost of a complex property division lawyer can be more than the typical property division lawyer costs, because more resources and time are needed to address assets and debts. Most divorce lawyers charge hourly, but the exact rate varies. Always discuss costs up front with an attorney. A more experienced lawyer may have higher rates, but may also resolve property division more quickly, leading to lower costs.
Get in Touch Today
The team at Ellsworth Family Law, P.C. can help you value property, account for assets, and negotiate a reasonable division of property. Reach out to our firm today for legal guidance.
