What's it mean that Arizona is a community property law state and what is "right of survivorship"?
Arizona is one of nine community property states in the United States. This means that any property or assets acquired during a marriage are considered joint property, and each spouse has an equal interest in the property. In the event of a divorce, each spouse is entitled to half of the property.
Additionally, Arizona also recognizes the right of survivorship. This means that if one spouse passes away, the surviving spouse automatically inherits their share of the community property, without the need for probate or a will. The right of survivorship applies to all community property, including real estate, bank accounts, and investments.
It's important to note that not all property acquired during a marriage is considered community property. Property that was acquired before the marriage, or property that was received as a gift or inheritance, is typically considered separate property and is not subject to division in a divorce.
Understanding community property laws and the right of survivorship is essential for couples who are considering marriage or who are already married in Arizona. It's recommended that couples seek legal advice to ensure they fully understand their rights and obligations under these laws.