Divorce without Children
- Hardship letter
- Financial statement
- 2 Years of tax returns
- 2 months of bank statements
- 2 months of pay stubs
Additionally, assets are either valued and an equalization payment is ordered, or they are divided equitably.
Arizona is a community property state which means that property acquired during the marriage whether it be in Arizona or outside of Arizona is deemed community property. In other words, both parties have a claim or a right to the assets. Typically that would result in a property settlement agreement or PSA and that property settlement agreement would be entered as an Order when the divorce is finalized. For example, the husband that is the dentist and the wife that may work in the office from time to time or have another job, the dentist would retain the practice and would owe to the wife an equalization amount for one half of the determined value of the business.
Determining the value of a business is subjective and not formulaic. In other words, it is case by case. If the parties can agree to a value that is preferable; if they cannot then either party may retain a business valuation expert for the purposes of recommending to the court and recommending what the business is worth.
We Can Help You Determine Equitable Shares of the Marital Assets
Meaning each asset may not be equal, but at the culmination of the divorce and at the finalization of the property settlement agreement, each party would receive one half of the value of the marital community and the marital debts.
Should either party have an inheritance or sole and separate property typically, unless that has been comingled, that remains with the beneficiary of that gift or inheritance.
Also, if the parties have a prenuptial agreement typically if deemed enforceable, then the division of assets goes by way of the terms of the prenuptial agreement.
Our team of experienced divorce without children attorneys will help you divide your assets equally and end your marriage fairly for all concerned. Call us today.