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The basics of a property division agreement

| Nov 30, 2017 | Property Division |

Previous posts here have mentioned how the divorce process can be much easier for couples in Arizona when they are able to reach agreements about certain aspects of the legal process. For instance, some divorces are agreed to mutually – both partners realize that it is best for each of them to move on from the marriage. Couples like this who are going through a divorce in Arizona may be able to work out many different parts of the divorce process, such as one of the biggest issues: property division.

A property division agreement will usually need to address both assets and debts and how each will be divided. And, there will need to be some parts of the agreement that address the state of affairs in the divorce. For example, one part of the agreement will need to state that the parties have fully and completely disclosed all assets owned, and that they understand their legal rights in the divorce process.

Next, the parties will need to sign off on the fact that the property division agreement is the final and complete agreement that the parties have reached in terms of the division of assets and debts in the divorce. Once the agreement is signed and submitted to the court for approval, it is very hard to get any changes.

Lastly, the property division agreement will need to have a complete list of all of the assets that are involved in the divorce, and then list which of the spouses will retain each of the assets. Besides the major assets, like the family home, vehicles and retirement accounts, this is usually best accomplished with a side-by-side list that shows the assignment of assets to each spouse.