Scene from The Mating Habits of The Earthbound Humans
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Divorce Division of Assets Illustrated

In a previous post, I addressed the process of identifying, categorizing and valuing assets prior to the assets’ being divided in an Arizona divorce case. This post will provide an example of how assets and debts could be divided in a hypothetical case.

Under A.R.S. §25-318, a judge in an Arizona divorce case is to divide assets equitably, “though not necessarily in kind . . . .” This phrase–“not necessarily in kind”–simply means that, while the overall division of assets and debts must be fair, or substantially equal, an Arizona judge is not required to equally divide each individual asset equally. Similarly, the judge is not required to liquidate all assets and divide the proceeds equally.

In the example I will use, the husband and wife have community property consisting of a house with ,000 equity, a truck with ,000 equity, a car with ,000 equity, a boat worth ,000, a 401(k) worth 0,000, and credit cards totaling ,000. The table below illustrates one possible division of these assets and debts so that, at the “bottom line”, each party receives ,000 net.

HUSBAND WIFE

Truck/Debt ,000 House/Mortgage ,000

Boat 20,000 Car/Debt 20,000

401(k) 65,000 401(k) 35,000

Credit Cards (5000) Credit Cards (10,000)

Total ,000 Total ,000

Note in this example that none of the assets needs to be liquidated. As long as the “bottom line” is equitable, or substantially equal, the division of the marital assets is valid under the law.

The example assumes, of course, that there is no premarital agreement dictating a division of assets other than that prescribed by Arizona community property law. Furthermore, although our example ignores tax consequences for simplicity’s sake, in the real world, the 401(k) dollars would need to be tax-effected before the division is calculated in order to achieve a truly “equitable” division of the assets.

Copyright © 2017 by Scoresby Family Law – J. Kyle Scoresby, P.C. All rights reserved.

Contact Dolan Divorce Lawyers at (203) 397-6171 or http://www.dolanfamilylaw.com

Step 1: Draft the divorce paperwork.

Step 2: Have your spouse served.

Step 3: File the divorce paperwork at the courthouse.

Step 4: Exchange financial information.

Step 5: Pendente Lite Motions

Step 6: Family Relations Pretrial

Step 7: Special Masters Pretrial

Step 8: Judicial Pretrial

Step 9: Trial
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What can you expect at a divorce mediation? When should you expect divorce mediation to occur? This video discusses what mediation is in a divorce case and when, or if, you can expect mediation to be happening. Also a discussion of what to expect and how to prepare for mediation.

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ABOUT US:
Divorce and family law for men. Your leading source for all things divorce and family law related. Attorneys at ADAM have been advising men in divorce for 24 years now and works along with a great team of dedicated and professional lawyers and staff. We have all had our own personal struggles and can relate to what you are going through. Through education and free information and content we are hoping to help you start this process the right way. We are here if you are looking to hire an attorney but we have so much more available for you as well. ADAM is an organization that is much more than just divorce attorneys. With the help of our videos and e books and other information you can get divorced without losing your house or your kids or your assets. Don’t lose everything by getting bad advice. You work hard to protect your family and we are here to fight for you. You don’t have to be evicted from your life just because you’re getting divorced. We are ADAM strong!
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Though divorce is extremely challenging there are several things that can be way less challenging. One of those is taking memes and performing them as a monologue. These are not original jokes. If you know the source of any of these jokes beyond the meme, please let me know so I can properly credit the writer. Dead Dad by @nicknemeroff2124 #dadjokes
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