QUESTION

I sold some assets 8-9 months before our divorce filing date. Can my spouse request half the market value?

Asked on Dec 06th, 2017 on Divorce - Arizona
More details to this question:
Wife and i separated in November 2016 and I moved out December 2016 and we were going to do a 6 month seperation. Found out she had been cheating on me. I didnt trust her and in January I took my boat, quad and travel trailer from the property and "sold them" I thought that she was going to try and file for bankruptcy (i was against it but didnt know my legal rights) In september of 2017 we filed for divorce. I am now being asked about the items. Whats my legal rights? Her legal Rights?
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1 ANSWER

First, if property was purchased during the marriage, it is likely community property even if it is titled in just one party's name.   Second, bankruptcy law looks at transfers or sales of property prior to a bankruptcy filing and during the process. As to the family court, it is also appropriate to look at transfers or sales of property, including the year leading up to the divorce filing.   Divorce law specifically prohibits transfering property to a third party's name to avoid distributing it in the divorce.  You do need to provide an accounting of where the asset is now and what you did with the proceeds.  You may owe the community a reimbursement, even if the asset and the proceeds are gone.   The consequences of your actions will depend on the facts of your case.  Did you get fair market value?  Did you use the funds for community purposes? Can you prove that any of these items were your sole and separate property? Was your spouse taking similar actions? At a consult, a more detailed review and assessment can be made.  It will help if you have a copy of the documents for these items and what was done with the proceeds.  Call if you would like a consult.  Marie Zawtocki, Zawtocki Law Offices, PLLC    
Answered on Dec 11th, 2017 at 8:12 AM

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