questions & answers
Question: My financial advisor says that any IRA's and property I own prior to marriage is still mine unless I comingle funds. Only what is acquired after marriage is community property. Is this so?
Answer: Arizona is a Community (http://www.azleg.gov/FormatDocument.asp?inDoc=/ars/25/00211.htm&Title=25&DocType=ARS) property state. Property that is gained during a marriage is considered community property. However, there are statutes that explain what can be considered separate property. A.R.S. 25-213 (http://www.azleg.gov/FormatDocument.asp?inDoc=/ars/25/00213.htm&Title=25&DocType=ARS) states that a spouse's real and personal property that is owned by that spouse before marriage and that is acquired by that spouse during the marriage by gift, devise or descent, and the increase, rents, issues and profits of that property, is the separate property of that spouse. A.R.S. 25-201- 25-218 (http://www.azleg.gov/ArizonaRevisedStatutes.asp?Title=25) contain more information on the rights duty and responsibilities of spouses and separate and community property.
My financial advisor says that any IRA's and property I own prior to marriage is still mine unless I comingle funds. Only what is acquired after marriage is community property. Is this so?
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State Bar of Arizona
Maricopa County Bar
Referral number 602-257-4434
Pima County Bar
Referral number 520-623-4625
National Domestic Violence Hotline
Bankruptcy Court Self Help Center
Certified Legal Document Preparer Program
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