Many times, when people marry they choose to keep their bank accounts separate and forego opening a joint account. They erroneously assume that because they kept their accounts separate while they were married, that there was nothing to divide when divorcing. Simply by keeping your accounts in separate names does not, of itself, prevent the creation of community property. According to Arizona Law, the “nature” of an asset is created at the time of acquisition. Unless there is a prenuptial agreement stepping away from community property, all property that is acquired during marriage is community. Each spouse owns an undivided one half interest in the asset, even if it is in one person’s name. The same can be said of debt. If one spouse incurs debt on behalf of the community, both spouses are responsible for the payment of the debt. To avoid being responsible for your spouse’s debt, you must agree, prior to marriage, that there will be no community property or debt.
Contact Our Divorce Attorney Chandler AZ
You do not have to do this alone, our Phoenix divorce attorneys can help. Call the Law Offices of Janice M. Palmer, P.C. at (480) 820-4771 or toll-free at (888) 352-7725 for a consultation.