Chandler Divorce Lawyer- Separate vs. Community Property in Divorce

Chandler Divorce Lawyer- Separate vs. Community Property in Divorce

A common question people have is how to handle your personal belongings and your shared property. There are certain things you need to do.

Think about taking possession of certain assets before you separate or divorce, especially those assets you wish to be using furniture and vehicles, for example. Start taking an inventory and consider any collectibles that you have or cash on hand or stocks or bonds.

Arizona is going to protect your house and your financial property because once you file the divorce, it's going to stop both parties from liquidating any community assets or incurring any community debt.

However, with good planning, with an attorney, you can determine what your separate property is, whether you're in possession of community property or separate property, what would be fair in an equal split with regards to your assets, and also take control of your credit and your debt.

So in your divorce planning you should consider protecting your own credit by closing the joint accounts and blocking your spouse's access to those joint credits or a home equity loan before you file.

You should also consider closing joint bank accounts and opening accounts in your own individual name as part of your planning.

You should consider changing the name of the party who's responsible for the utilities and other bills if it's your intention to stay in the house.

And then finally, you should talk to an attorney about what is separate property versus what is community property and determining how it's possible to spend first your spousal separate property, then the community property, and ultimately possibly your own separate property.

And those are all things that really, talking to an attorney, and involving a financial planner or a CPA is where you get the best planning for your divorce.

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