Couples in Arizona who are going through the divorce process are likely to encounter certain terms that are unfamiliar to them. After all, for many people their interactions with divorce court are the first time that they have ever had contact with the judicial system. So-called “legalese” can seem pervasive. One important term that will come up in any divorce in Arizona is “community property.”
So, why is the term “community property” an important term to know when it comes to divorces in Arizona? Well, the biggest reason is that this term plays a major role in the property division aspect of a divorce. In essence, every divorce will result in the categorization of property and assets into two different categories: separate property and community property. Community property is also known as “marital property.”
The categorization of assets can play an important role in what property each spouse will receive as the property division process plays out in the divorce. Community property includes those items and assets that the court determines is owned by the couple, together. Community property can include the family home, vehicles or funds earned by the spouses during the marriage. Separate property will usually include property that each spouse owned individually prior to the marriage, or that they received individually while married, such as an inheritance.
Of course, every situation is different. Couples in Arizona who are going through a divorce will want to make sure that they have the most accurate information about how their property will be categorized in the divorce process.