In Arizona, all property acquired during a marriage, except for property acquired by gift, or inheritance is Community Property. In this type of ownership, each party is considered to own an undivided half interest of the property regardless of how it is titled. If husband deposits his paycheck into a bank account that is titled in his name alone the funds are still considered community property since they were acquired during the marriage. Community property laws provide protection to each party by splitting all of the assets equally upon the death of one of the parties or in the event of a divorce. Community property laws also have income tax advantages.What is community property?
Even if you were married in another state, if you are living in Arizona the community property law will apply during your marriage. If the assets were acquired in another community property state, such as California or Nevada then the assets will be considered community property.
Separate property is anything owned before the marriage and any property received by gift or inheritance to an individual.