Divorce without Children
Divorce and Family Lawyers
Child-Free Divorce Process
We are experienced divorce team in Arizona, dedicated to assisting individuals who are going through a divorce without minor children. In these cases, the focus shifts solely to matters such as the division of property, assets, debts, and potential spousal maintenance. While the filing process remains the same as divorces involving children, the court’s primary concerns—if the parties cannot come to an agreement—will center around financial issues like asset division, debt allocation, and income-related matters.
If a business is part of the marital community, the following documents may be required:
- Hardship letter
- Financial statement
- Last two years of tax returns
- Last two months of bank statements
- Last two months of pay stubs
In Arizona, assets are either valued, and an equalization payment is ordered, or they are divided fairly between the parties.
As a community property state, Arizona considers property acquired during the marriage—whether in-state or out-of-state—to be community property. This means both spouses have a right to the assets. In most cases, a Property Settlement Agreement (PSA) will be created, which outlines how the assets will be divided, and this agreement is entered as an order when the divorce is finalized. For example, if the husband is a dentist and the wife occasionally works in the office or has another job, the dentist may retain ownership of the practice but will owe the wife an equalization payment for half of the business’s value.
Valuing a business can be subjective and varies on a case-by-case basis. If the parties can reach an agreement on the business’s value, that’s ideal. However, if they cannot agree, either party may hire a business valuation expert to recommend a value to the court.
Helping You Determine a Fair Share of Marital Assets
While each asset may not be divided equally, at the conclusion of the divorce and finalization of the Property Settlement Agreement, both parties will receive half of the total value of the marital community property and debts.
If either party has an inheritance or sole and separate property, it typically remains with the beneficiary of that gift or inheritance, unless it has been commingled with marital assets.
Additionally, if the parties have a prenuptial agreement that is deemed enforceable, the division of assets will follow the terms outlined in the agreement.
Expert Guidance for Your Divorce and Asset Division
Need help with asset division or divorce? Call (480) 833-1113 for a FREE consultation or use the form below to schedule an appointment.
