This will save you a lot of time and money in your divorce. Money earned during a marriage by either of them – and property purchased with it -- is termed. Contributor. Your artwork and collectibles. If you have questions about sharing a personal injury settlement in an Arizona divorce. Here is the accounts. In Arizona, a spouse signing over property by quitclaim generally gives up all interest in it. Make an adjustment so that the ending amount in the balance sheet account is. In the case of Howell v. Updated: Jan 3, 2023, 10:55am. However, that isn’t always the case. 1. g. A judge will divide a divorcing couple's property and debts, unless the couple is able to reach a settlement agreement. idle. is calculated by dividing accounts receivable by net sales. This is going to mitigate some of those hard feelings your spouse may have about your decision to remove money from financial accounts. Reviewed By. It helps determine whether a business can meet its obligations in hard times. Phone Toll free: 800-227-4165 PERS Board. In order to know how to divide assets, it is important to identify what they are to start with. Separate, Joint, and Community Debts in Arizona. If you have questions about debts not included in a divorce decree in. b. For example, let’s assume the account value of a variable annuity is $80,000, but the death benefit – the amount paid to the beneficiary upon the death of the owner. Contact us today for a free consultation. This means that cash receipts from customers are delayed until accounts receivable are collected. If my spouse and I agree on how we should divide our property, do we have to rely on. The Court did identify one concern in the 2013 corporate tax return for White Mountain. (Accounts receivable ÷ Net annual credit sales) x 365 = Days sales uncollected. the portion of certain personal injury awards meant to compensate for. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. The parties were married on February 15. d. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. Murin cites the Arizona Supreme Court opinion in Rundle v. The company both lends through the MedCredit division, which operates similarly to CareCredit, and collects through the Reliance division. We offer consultations that can explain your rights and legal options when it comes to divorce and separation. ANS:B. e. They used the average accounts receivable formula to find their average accounts receivable. Study with Quizlet and memorize flashcards containing terms like Which of the following requires a financial components approach? 1. Note: There are exceptions to these general rules. However, a mere expectation to receive money is not divided in a divorce. Hiding assets during a divorce is illegal in Arizona and can lead to severe legal consequences. 12. First, the same marital property division laws in Arizona that determine “who gets the house and who gets the condo” generally apply to sole proprietorships, corporations,. Married couples seeking dissolution of marriage in the state of Arizona go through the divorce process in the Family Court. Contact Information 602-266-1313. The Arizona Court of Appeals in the case of Bell-Kilbourn vs. In our discretion, we decline to award Wife attorney’s fees under A. D. Quick Tips to Prepare for Divorce: Open a checking account and savings account in your name alone. The husband was serving in the military with his wife filed for divorce. Call the Family Law Team at (480) 467-4348 to discuss your case today. 00 each of the $100,000. Many people ask is Arizona a 50 50 state in a divorce. Unum long-term care insurance Website. Accounts Payable Turnover Ratio: The accounts payable turnover ratio is a short-term liquidity measure used to quantify the rate at which a company pays off its suppliers. Overview of Accounts Receivable. Ann. The Arizona Court of Appeals in the In re the Matter of Flowers case held that although a sole and separate home was turned into community property during the marriage, a trial court may have the authority to award 100% of that home to the spouse who originally owned it as sole and separate property if it is equitable to do so. Calculate the acid-test ratio, assuming that cash + accounts receivable = $50,000, merchandise inventory = $10,000, noncurrent assets = $40,000, current liabilities = $20,000, noncurrent liabilities = $50,000, and stockholders' equity = $30,000. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. 9. 2d 1166 (Ariz. Open a credit card in your name alone. Measures a company's debt to income. The disclaimer deed in that divorce was signed on a home purchased during an Arizona marriage. The average collection period for accounts receivable is computed by dividing 365 days by: a) accounts receivable turnover b) ending accounts receivable c) average accounts receivable d) net credit sales; At the end of the current year, the accounts receivable account has a debit balance of $1,154,000 and net sales for the year total. For divorces or legal separations in which the parties have one or more retirement accounts that need to be divided between the parties, a Qualified Domestic. ) No. Also called the average age of accounts receivable. Average accounts receivable are $10,000. If cash sales are unknown, use net sales. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. The Arizona Court of Appeals in a published decision in the case of Barron vs. Your Glendale divorce lawye r can guide you with the best course of action if your spouse hides assets. From our office in Phoenix, we routinely handle all aspects of family law for clients throughout Arizona and pride. However,. The result above matches your previous calculation. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. That means the average accounts receivable for the period came to $51,000 ($102,000 / 2). accounts receivable turnover. If you were to sell the house while you are still married, the $300k capital gain would fall under the marriage exclusion of up to 500k and be tax-free. 2 days 53. Calculating a Property Equalization Payment in Arizona. Lee had to address the issues of equalization payments for the division of a business in a divorce in Arizona and whether a court can modify a business appraisal based upon a change in. It is calculated by dividing net credit sales by the average net receivables. is calculated by dividing cost of goods sold by average inventory. The division of marital assets is handled during. The Court specifically rejected the Husband’s attempt to distinguish his case was different from the prior Bender case because community funds were used to purchase the home whereas separate funds were used to purchase the home in the Bender case. Read Texas Family Code chapter 7 for more information. Under ARS 25-213, however, a spouse with separate property will retain it after the divorce is final, as such property is not considered part of the marital estate. When valuing a residence for sale, especially during a divorce, it is important to be realistic. Those commonly mentioned are child custody and visitation. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. Net sales efficiency accounts for new customer acquisition and churn by looking at sales and marketing spend alongside new. O multiplying accounts receivable by cost of goods sold and multiplying by 365. Sean Miles, a regular customer of the company, whose complaint about his account balance prompted the investigation. This form is an Assignment of Accounts Receivable. After the 60 days from the date of service passes, the steps necessary to. Editorial Note: We earn a commission from. An Equal Distribution of Community Assets is Required in Most Cases. maximize the value of a firm to its owners. O multiplying accounts receivable by net sales and dividing by 365. May 02, 2023 • 5 min read. Either party may begin the process, but the party that. The company both lends through the MedCredit division, which operates similarly to CareCredit, and collects through the Reliance division. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. Some people ask about reimbursement of separate property in a divorce in Arizona. Monahan responds that any defect was cured when Mr. 5 Revere Drive, Suite 200 Northbrook, IL 60062. b. The Divorce Process: A Step By Step Guide. The Arizona Court of Appeals in the case of Schickner v. A measure of the liquidity of receivables calculated by taking the balance of receivables and dividing by the credit (or net) sales over the year just completed, and then. (A/R balance ÷ total net sales) x 365 = average collection period. Although the quantity, type, and content of audit documentation will vary with the circumstances,. The parties were going through a divorce in Arizona. The Cost of Health Insurance for a Child May be Tax Deductible. D. a debit to service charge expense for $18,000. , all current assets on the balance sheet. This can mean giving one spouse more property if the other has wasted or disposed of. Is calculated by dividing accounts receivable by safes. The days' sales uncollected ratio, one measure reflecting company liquidity, is computed by dividing the ending balance of receivables by annual net sales, and. C. 272 (1977), the Arizona Supreme Court considered whether a military pension is a property right or an expectation for divorce purposes if the military spouse has not – at the time of the divorce – completed the years of service necessary to claim it. Accounts receivable is a phrase referring to a company’s invoices that are not yet paid at the time of reporting. Accounts receivable services are just collection agencies. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. Call us today at (480)305-8300 or complete our new client form to learn how much you or your spouse will receive from a pension in a divorce in Arizona. Van Loan 569 P. ) In a divorce you must determine whether assets are marital and nonmarital. An Equal Distribution of Community Assets is Required in Most Cases. Usually the credit period is short ranging from few days to months or in some cases maybe a year. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. C. 00. Proving Separate Property in an AZ Divorce | Hildebrand Law, PC. One of the more important aspects of dividing a pension in a divorce in Arizona is when those payments should begin to be paid. S. Question Completion Status: O premiums. Stat. Legal Consequences Of Hiding Assets. For Arizona property division in divorce, the following is but one method of calculating the community property share of the whole pension: Take the number of months the plan participant was married and divide it by the total months of his or her participation in the plan. The degree and license to practice in a professional business will always be separate property, but the other assets will be evaluated based on when and how they were acquired. Mr. 9 days. The accounts represent all outstanding accounts of the assignor from the sale of products or services. 2. And, assets are decreased by credits. Dividing net sales by accounts receivable. The accounts receivable balance is $308,000 and credit sales are $1,000,000. An Arizona divorce case that settled quickly will typically cost $2,500. accounts receivable—debit balances £60,000; (b) accounts receivable—credit balances £4,000; (c) allowance for doubtful accounts £3,800. A measure of the firm's ability to meet its annual interest payments. Arizona Revised Statutes: The Arizona divorce process begins with the filing of the Petition for Dissolution. In those cases, a couple of options exist for you. 9364 E Raintree Drive, Suite 107. This can include behavior like gambling away all the. C. Problems can arise when a spouse uses sole and separate funds to buy a house in Arizona. After Decedent’s death in 2012, Kroncke requested the IRA proceeds from Schwab. 1984), the Arizona Court of Appeals discussed whether legal contingency fees (that is, legal fees that are a percentage-of-recovery) earned by an attorney/spouse after his marriage ended are his alone or community property, when much of the work on the case was accomplished during the. It may be more difficult for either party to get one after the divorce. The terms “fair” and “equitable” has been defined to mean substantially equal. the state of being bankrupt, being legally declared unable to pay debts; a petition to a court by an individual who is stating that he or she cannot pay any debt incurred. For example, if a company has $500,000 in accounts receivable and $2,000,000 in net sales, then you could use this equation to. ¶22 As Husband contends, while the superior court recognized that termination of the Blasting Agreement and the Receivable “dramatically. Outline the credit terms. The Scottsdale, Arizona Community Property Attorneys at Hildebrand Law, PC Discuss Cash Compensation for the Other Spouse's Waste of Community Assets. For these reasons, if you are looking into dividing your retirement benefits, do not wait any longer. However, a question did remain regarding the negative value given the Stanford Drive property of $1,534. To. Grace pays for those services on March 20. Here’s how we divide duties: • Accountants: Our accounting staff tackles the questions of billing. Estimate how much time is likely to pass before the amount of accounts receivable is received in cash. Separate property in Arizona is classified as any property owned by a spouse before marriage or any property owned by a spouse after a divorce decree has been finalized. Pledging accounts receivable. During a divorce, retirement accounts and pensions can be a big issue. Schickner addressed whether the profits of a business earned between the date the Petition for Dissolution of Marriage i s served on the other spouse and the date. You. Interest was to begin sixty days after the original decree was entered. Owner's equity E. Armer, 463 P. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. Arizona Divorce Rules and Property Division. Steps to DIY Divorce in Arizona Step 1. To record a journal entry for a sale on account, one must debit a receivable and credit a revenue account. The Court discussed A. 11 days. Find step-by-step Accounting solutions and your answer to the following textbook question: The Arizona Bay Corporation sells on credit terms of net 30 . Determine the number of days that have passed w/o collecting on. editor. Do you have questions about the division of Deferred Retirement Option Plans in an Arizona divorce?. D. Once you have ensured that the QDRO meets the requirements of the 401 (k) plan. Accounts receivable and notes receivable from SALES TRANSACTIONS. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. Developing the expected current year sales based on the sales trend of the prior five years. Price earnings ratio Accounts receivable turnover. Once you can see the complete financial picture, you can also avoid the related mistake of arguing over one asset at a time. It’s strongly recommended to submit the draft QDRO to the 401 (k) plan administer for their review and approval. Every company has to buy certain goods and services from other companies in order to function and produce their own product or service. In Barron, Husband requested an equalization payment from Wife. D. These estimates include the following divorce expenses: Cost of paying an attorney to draft the initial Petition for Dissolution of Marriage; Divorce court filing fees;Current assets is a balance sheet account that represents the value of all assets that can reasonably expect to be converted into cash within one year. To calculate the net credit sales, subtract the sales returns and sales allowances from the sales you've made on credit. In a given period, the company recorded approximately $30,000 in credit sales and had $20,000 in accounts receivables that. 10. ACCOUNTING 124. May 18, 2020, at 12:52 p. Q: What bank accounts aren’t split in a divorce? A. ) In a divorce you must determine whether assets are marital and nonmarital. , The accounts. To get a divorce, one spouse must start a court case in the Superior Court. It noted that, under Arizona law, it is the superior court’s job in a divorce to divide all community property held by a couple. It’s the money your business owes and is described as a liability account in your. Stat. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. This is the essence of doing business. Howell No CV 15-0030-PR (Filed December 2, 2015), the Arizona Supreme Court discussed what happens when part of a veteran’s retirement pay is awarded to the spouse in a divorce decree before the veteran waives a part of it for disability benefits. See moreThe first step toward dividing your debts in your divorce is determining which of your debts are marital and separate. To calculate the accounts receivable turnover ratio, you divide the net credit sales by the average accounts. The experienced Arizona divorce attorneys at Hildebrand Law, PC have over 100 years of combined experience calculating the division of pension benefits in a divorce in Arizona. plant and equipment turnover. S. Under this contract, the formerly married parties divide their property post-divorce. Annuities are no exception. Military Retirement Pay may also be divided in an Arizona divorce. Arizona Court of Appeals Conclusion: The Court of Appeals of Arizona affirmed the family court’s dismissal of Father’s petition to modify child support. Arizona Divorce Rules and Property Division. If one. A process of classifying accounts receivable in terms of how long they have been outstanding for the purpose of estimating the amount of uncollectible accounts. Miller: A Brief History of the Case. Delay in Dividing Assets Omitted in a Divorce Decree Is Not a Waiver. For these reasons, if you are looking into dividing your retirement benefits, do not wait any longer. The beginning accounts receivable balance is the same figure as the ending accounts receivable balance from the prior period. ($2,700/$31,500) x 365 = 31 days. R. Average accounts receivable is calculated. Arizona Revised Statute §25-312: This statute lists all the criteria necessary for a divorce to be entered in. Is calculated by dividing sales by accounts receivable E. Jose Rodriguez, an accounts receivable clerk who filled in for Riley while she was on vacation. For example, a divorce is a rare time that allows you early access to your 401(k) or IRA without a tax penalty if your spouse is awarded part of your account. Accounts receivable B. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. Savings and Retirement. Many homeowners are tied to a number that is based on emotion or their financial investment. This is going to mitigate some of those hard feelings your spouse may have about your decision to remove money from financial accounts. The simplest way to explain it is by using a community property bank account with an initial balance of $20,000 as an example. Unfortunately, some people have second thoughts after reaching a rule 69 settlement agreement later and wish to. Financial Steps to Take During a Divorce. Preview. A divorce decree in Arizona is intended to divide all community property between the spouses. This higher ratio signals an adequate ability to collect on your debts. Accounts receivable services is a debt collection service located at 6160 Summit Drive, Suite 400, Minneapolis, MN 55430. Of course, not all couples own enough other assets to balance out the property division if one spouse gets to keep the 401 (k) or pension. John Howell and Sandra Howell divorced in 1991. Example: ($50,000 ÷ $800,000) x 365 = 22. property that one spouse owned before the marriage. “One spouse may. The receivable turnover ratio calculates the number of times in an operating cycle (normally one year) the company collects its receivable balance. Our Arizona community property and family law attorneys have over 100 years of combined experience. All we need to do is to divide 365 by the accounts receivable turnover ratio. If annual credit sales are $8. D. "Quick" assets are cash, stocks and bonds, and accounts receivable (i. Koepnick, 3 P. Dividing the annuity can impact the death benefit in much the same way as a living benefit. E. Arizona’s property laws provide the rules about how spouses divide up property when they divorce or separate. In the case of Foster vs. Retirement accounts, investment accounts, real property, precious metals, artwork, and a medical practice must all be valued and divided in a divorce in Arizona. True B. Use this formula to compute BWW’s accounts receivable turnover for 2017 and 2018. One such option is for you to take 50% of the money in all joint bank accounts and leave the other 50% for your spouse. Miller v. Learn if Disability Pay is Community Property in Arizona From the Experenced Divorce Attorneys at Hildebrand Law, PC. Murin took title to the whole property in the divorce. Account receivables are classified as current assets assuming that they are due within one calendar year or fiscal year. , Net sales for a company are $250,000. There are two general systems for dividing property upon divorce: common law systems and community. If there are significant assets as well as debts involved, the situation can get very complicated. Is used to compare a company to other companies in the same industry. accounting. Valuing a home is both a science and an art. The basis for sending bills to customers. § 25-318, that allows a judge to order the sale of the property as part of a divorce decree. Kratz at (520)577-5155 if you have questions about how to properly divide retirement accounts in an Arizona divorce. e. A property settlement agreement becomes a legally binding part of the final judgment when your marriage is officially dissolved. B. 7 days 42. (2) All interests of the debtor and the debtor’s spouse in community property as of. A divorce decree was issued dissolving the parties’ marriage, dividing their marital assets, and awarding Wife spousal maintenance of $600 for 120 months. The first is identification. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. C. Czarnecki in 1973. (b) “ Accounts receivable purchase transaction ” means a transaction as part of an agreement requiring a recipient to forward or otherwise sell to the provider all or a portion of accounts, payment intangibles, or cash. Ann. By Logan Allec. 00 P Flag question. Winters, 298 P. Disposition. Well, the Arizona Court of Appeals in the memorandum decisions of Lamb ert vs. Sheets issued a ruling on whether an Arizona Deferred. Accounting questions and answers. Accounts receivable information for specific customers is important because it reveals: A. The Arizona rule — pronounced in a 1926 case and consistently followed – was that any amounts of money recovered for injuries to one spouse during the marriage are community property. This is true, regardless of the spouses’ respective financial contributions. Separate Property 101chapter 3 Adjusting the Accounts. 933 (1931). Arizona law requires a fair (or “equitable”) distribution of divorcing spouses’ community assets, and, in most cases, this will mean a 50-50 split. B. an unusually large receivable was written off near the end of the year. working capital turnover. A money judgment is an order signed by a judicial officer that awards money to one party against another party. To find their accounts receivable turnover ratio, Centerfield divided its net credit sales ($250,000) by its average accounts receivable. Arizona Accounts Receivable — Guaranty is a form of financial protection provided to businesses or individuals in the state of Arizona against potential losses resulting from unpaid invoices or bad debts. 375,000. At the end of the same year, its accounts receivable outstanding was $56,000. R. Beneficiary Designations After Divorce in Arizona From Hildebrand Law, PC. Plug the values into the formula: Divide 365 days by the receivable. However, the law says that if the property is taken and held as community property or in joint tenancy, the spouse investing separate funds loses all. The accounts receivable turnover for this company is, The ________ ratio is a measure of both the. Accounts receivable, net of allowance for doubtful accounts P950,000. Fax requests with signature to: 503-598-0561 Contact the Divorce Unit. c. Using the receivable turnover ratio: $750,000 / ( ($50,000 + $60,000) / 2) = 13. In some cases, a simple file systeor the equivalentm, , may be adequate if it substantiates the general ledger account balance. Blank 1: CGS Blank 2: average. In addition, don’t forget about the potential tax impacts down the road. Community property is required to be divided during the divorce process. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. How much each customer still owes. The appellate court presumed the decree to be fair and equitable. The Arizona Court of Appeals in a published decision in the case of Barron vs. The accounts represent all outstanding accounts of the assignor from the sale of products or services. , allowance for doubtful accounts), unearned income, unamortized premiums and discounts, and net unamortized deferred fees and costs in their financial statements. Accounts receivable is considered an asset and is listed as such on a business’s balance sheet. The husband was serving in the military with his wife filed for divorce. McClennen’s capital account was valued at $11,428. Tracking accounts receivable turnover ratio shows you how quickly. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. choosing a valuation date when dividing assets in a divorce in arizona; can a spouse be held liable for credit card debt in arizona; calculating a community lien on a depreciating asset in arizona; effect of a disclaimer deed or quit claim deed in a divorce in arizona; bank accounts and divorce in arizona; dividing paid time off in a divorce in. The resulting percentage is the community property percentage of the plan. However, a court can fashion an equitable division that is not equal after considering the length of the marriage, the contributions. The. Is a Spouse’s Separate Property Liable for Community Debts. Measures a company's ability to pay its bills on time. 75 days Average daily cost of sales: $50,000 Current total value of inventory: $350,000 Current value; Tanning Company analyzes its receivables to estimate bad debt expense. As already mentioned, accounts receivable is the asset account of a business that describes the money customers owe your business. The division of assets upon termination of the marriage (either by divorce or at death) is another important part of a prenuptial agreement. a company sells $900,000 of accounts receivable to factor for cash less a 2% service charge. Table of Contents. Unfortunately, there is conflicting case law on the subject that was made a little murkier in the case of McClennen vs. To calculate the inventory turnover, you divide (sales/CGS) by the (beginning/ending/average) inventory. As part of the process, a court must determine which debts belong to each individual spouse. The best and least expensive option for a divorce in Arizona is an uncontested divorce. So, any debts incurred during marriage are, generally, community debts and will be equally divided in an Arizona divorce or legal separation. Correspondingly, any debts owed by either spouse before marriage will remain each spouse’s sole and separate debt.