Start Liquidating assets prior to divorce

Liquidating assets prior to divorce

Generally, the first date, usually the date of the marriage, is the point after acquired property, unless excluded, will be considered marital.

You can close joint bank accounts and open new accounts in your name only.

Within the context of law, you will still need to be prepared to make educated financial decisions about what is in your best interests.

States generally take two approaches that specify which properties will be eligible and who is entitled to what: community property and non-community property (referred often to as equitable division of property).

Arizona’s divorce laws are complex and lengthy, particularly where children are involved.

A mistake or poor decision based on a lack of understanding could have very negative consequences.

Non-community property states: The non-community property, marital property or equitable distribution approach, can vary a great deal from the community property approach.

And, while the majority of the states use the non-community property approach, the application of this approach can, and does, vary from state to state.

Community property states: In states that use the community property approach, all property acquired during the marriage is either community property or the separate property of one spouse.