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Asset and Debt Division
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| The court is required to divide marital assets and debts "equitably." In most instances, a judge will consider it equitable to divide such property equally. However, this is not necessarily so in every case. As in many issues pertaining to domestic relations law, the court has tremendous discretion. It can take into account the financial needs of the parties and any abnormal expenditures or "economic misconduct" of a spouse. However, in Arizona, other forms of marital misconduct that have not affected community assets and debts will not be considered. |
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| Not all assets and debts will necessarily be deemed community property. Either party may be entitled to retain certain assets and/or required to pay certain debts that the court considers separate in character. In addition, various factors may give rise to an entitlement on the part of one spouse to "spousal maintenance." You may be more familiar with the term "alimony," which is used in some jurisdictions outside Arizona. |
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| Achieving The Right Results |
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| Please keep in mind that issues such as asset and debt division, and spousal maintenance must be properly addressed during your divorce. If you enter into an agreement that does not protect your interests, or if the court is not presented with adequate information to protect your interests, it will most likely be impossible to revisit these issues later. Therefore, it is crucial that sufficient resources be invested to achieve a high-quality resolution the first time. |
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The Importance of Consulting An Attorney
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| Asset and debt division is complex, and a thorough analysis of these issues is beyond the scope of this discussion. When considering assets, debts and spousal maintenance, one must conduct a cost-benefit analysis to determine whether or not it would be worthwhile to retain counsel. This is best done as part of an initial consultation. I strongly recommend you consult with a competent attorney who specializes in domestic relations law before making any important decisions. |
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Contents copyright 2000 - 2005, Roy N. Martin, P.C. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any information storage and retrieval system without prior written permission from Roy N. Martin, P.C.
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