Divorce and Remarriage

Seniors own the bulk of the state’s wealth in savings, home equity and other property. At this point in your life, you may have more at stake when you change your marital status. Or, you may be a widow living on Social Security income alone. If you choose to remarry, be aware of your decision’s potential impact on your finances.

Arizona is a community property state.  There are a total of nine community property states in the U.S. The other 41 follow the common law, and are sometimes called “equitable distribution” states. The 9 community property states are: Arizona, California, New Mexico, Texas, Idaho, Louisiana, Nevada, Washington, and Wisconsin. In Alaska, a couple getting married can opt to have their property treated as community property, or the couple can opt to adopt common law principles.

Arizona law provides for the equitable division of community property upon divorce.  For the average American this entails dividing real property, personal property, vehicles, financial accounts, and maybe a retirement account or pension. In addition to these common assets, many high net worth individuals accumulate assets of a more complex nature such as a business or some form of non-qualified deferred compensation.

This website has been prepared for general information purposes only. The information on this website is not legal advice. Legal advice is dependent upon the specific circumstances of each situation. Also, the law may vary from state-to-state or county-to-county, so that some information in this website may not be correct for your situation. Finally, the information contained on this website is not guaranteed to be up to date. Therefore, the information contained in this website cannot replace the advice of competent legal counsel licensed in your jurisdiction.