Property Settlement Agreements are for dividing up marital property, including assets and debts. You may enter into a settlement agreement before or after you separate or file for divorce.
In Arizona, marital property is any property or debt you or your spouse acquired after your marriage date and does not include any assets or debt held before marriage,or inheritances or gifts received during marriage- unless gifted assets are co-mingled with marital/ community property.
The court has the authority to divide your marital property, and law requires the court divide it equitably, so long as certain acceptions do not apply.
If you create a property settlement through mediation, you can collaborate with the other person on how to divide your property and debts. Arizona courts will only revisit a finalized property agreement if it is determined to be unfair, based on the parties’ economic circumstances and evidence submitted to the court.
HLO can help you establish or enforce Property Settlement Agreements.
Have questions about Property Settlement Agreements? Contact us and schedule a free 30-minute consultation.