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Ending a marriage can be a difficult and stressful experience. Even the practical questions, such as how to divide assets, can feel overwhelming and emotional. Speaking with a trusted Seattle property division lawyer can help you understand the rules for dividing assets.
As Washington is a community property state, the experienced family attorneys at Twyford Law Office can explain how that affects your divorce, what assets you may be entitled to, and how to protect your right to a fair outcome.
There are two types of property in a marriage: separate and community. Everything the person brings into the marriage—the labor, income, and property they accumulated when they were single—is separate property. But after the marriage, the labor, income, and property that both spouses acquire are considered community property, which the married couple shares.
In a Seattle property division, it matters less how an asset is titled than when the asset was acquired, as your lawyer can explain. For example, if one spouse owns a car before the marriage, it may be considered separate property. However, if the spouse purchases the car during the marriage, even if only their name is on the title, the court may presume that it is community property.
To rebut this presumption, a spouse would need to prove that they purchased the asset with money or other funds that should be considered separate property. For example, if the wife could show that she purchased the car with money from a savings account that she funded before her marriage, then she might be able to show that the car should be considered separate property. However, if she continued to fund the account after her marriage, the court may decide that the funds had become co-mingled and rule that the car remains community property.
Keep in mind that premarital agreements—which are often called prenuptial agreements—could supersede some or even all these community property laws. During your divorce, it is important for both you and your spouse to discuss your prenuptial agreement with your attorneys to prevent any surprises during the property division process.
Property is a word with an extremely broad meaning. It includes real property and personal property, such as:
It also includes property that the couple cannot access until a future date, such as:
Sitting down with an experienced Seattle property division attorney to create this list could be helpful to make sure you don’t overlook anything. Once the list is complete, each item may be identified as likely separate property, likely community property, or an item that may be an area of contention during the divorce.
Once the court identifies each asset and designates it as either community or separate property, the next step is to determine the value of each asset. This is typically done by trying to ascertain the fair market value for each item. For some assets, this is as simple as checking the account balance. For homes or other types of real property, an appraisal may be necessary, which your asset division lawyer in Seattle can assist with.
During a divorce, it is important to have an advocate who has your best interests in mind. This is especially important when considering the financial impact the process will have on your life.
If you are preparing to divorce your spouse, it is time to contact a Seattle property division lawyer to represent you and your best interests. Reach out to one of our experienced attorneys at Twyford Law Office today for help with your case.
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