Arizona Divorce Asset and Debt Checklist
Why a Checklist Matters More Than You Think
Arizona's mandatory Rule 49 disclosure process requires you to identify, classify, and value every asset and liability in which either spouse has an interest — within 40 days after filing the first responsive pleading. The court does not give you a comprehensive list of what to look for. The blank Affidavit of Financial Information has categories, but it does not prompt you to check for assets people commonly forget: unvested stock options, accumulated PTO balances, prepaid insurance premiums, or security deposits.
Missing an asset during disclosure creates two risks. If you fail to disclose something you own, the court can sanction you — including awarding the hidden asset entirely to your spouse. If your spouse fails to disclose and you do not catch it, you may agree to a settlement that shortchanges you by the full value of the missing item.
Real Estate
- Primary residence (current fair market value minus mortgage balance)
- Vacation or second homes
- Rental and investment properties
- Vacant land or lots
- Timeshares
- Real estate partnerships or REITs
For each property: note the purchase date, purchase price, current mortgage balance, whose name is on the title, and whether community or separate funds were used for the down payment. If a spouse owned the property before the marriage, you will need both the date-of-marriage value and the current value to calculate the community lien using the Drahos formula.
Financial Accounts
- Joint and individual checking accounts
- Savings accounts and money market accounts
- Certificates of deposit
- Brokerage and investment accounts
- 529 college savings plans
- Health savings accounts (HSAs)
- Cryptocurrency wallets and exchange accounts
Rule 49 requires six months of statements for bank and investment accounts, measured from the date six months before the petition was filed through the disclosure date.
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Retirement and Pension Accounts
- 401(k) and 403(b) plans (current and former employers)
- Traditional and Roth IRAs
- ASRS (Arizona State Retirement System) pension
- PSPRS (Public Safety Personnel Retirement System)
- Military retirement
- Defined-benefit pensions from private employers
- Deferred compensation plans (457(b))
- Annuities
Each retirement account needs a current statement showing the balance as of the agreed valuation date. Defined-benefit pensions require either an actuarial present-value calculation or a Van Loan time-rule analysis.
Vehicles and Titled Personal Property
- Cars, trucks, SUVs, motorcycles
- Boats and watercraft
- RVs, trailers, ATVs
- Aircraft
Use Kelley Blue Book or NADA Guides "private party" value. Note the current loan balance for each financed vehicle.
Business Interests
- Sole proprietorships
- LLC membership interests
- Partnership interests
- S-corp or C-corp shares (closely held)
- Professional practice interests
- Franchise interests
Business valuation typically requires a professional (CVA or ABV). Five years of business tax returns, balance sheets, and P&L statements are required under Rule 49's business document lookback.
Personal Property
- Furniture and home furnishings
- Electronics and appliances
- Jewelry and watches
- Art and collectibles
- Firearms
- Tools and equipment
- Clothing and personal effects of significant value
Value at what items would sell for in current condition. Most household goods are worth far less than replacement cost.
Insurance and Benefits
- Life insurance policies (cash surrender value for whole/universal; term has no division value)
- Long-term disability insurance
- Accumulated paid time off (PTO) and sick leave
- Stock options (vested and unvested)
- Restricted stock units (RSUs)
- Employee stock purchase plan (ESPP) shares
- Country club or social memberships
- Frequent flyer miles and credit card reward points
Debts and Liabilities
- Mortgage and HELOC balances
- Auto loans
- Student loans (note: generally separate if pre-marital)
- Credit card balances (joint and individual)
- Medical debt
- Personal loans
- Tax obligations (federal, state, or property tax arrears)
- Legal fee obligations
- Judgments or liens
Rule 49 requires eleven months of statements for credit and debt accounts.
Using This Checklist
Work through each category systematically. For every item, note: what it is, whose name it is in, estimated fair market value, any associated debt, and whether you believe it is community or separate property. That classification determines whether it enters the 50/50 division pool.
The Arizona Divorce Financial Split Guide includes a fillable version of this inventory that maps directly to the court's AFI sections and Rule 49 disclosure exhibits.
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