Division Of Assets In A Divorce

Distinguishing Between Marital And Non-Marital Property

In Washington, property is categorized into community property, separate property, and quasi-community property.

Community property includes assets acquired during the marriage, such as income earned, purchases made, or debts incurred. Property titled in both spouses’ names is typically considered community property.

Separate property refers to assets owned by either spouse before the marriage or acquired through inheritance or gifts during the marriage. Separate property generally remains with the individual owner unless it becomes commingled with community property.

Quasi-community property is property acquired by either spouse in a non-community property state that would have been community property if acquired in Washington. It typically applies to property acquired before moving to Washington.

If, for example, you own separate properties before getting married and use community funds to maintain or improve any of your properties while married, the separate property may become commingled with community property. In such cases, the portion of the property attributable to community funds may be subject to division in divorce proceedings.

Whether or not you have children can influence decisions regarding property division. For example, if you seek to stay in the family home because it provides stability for the children, the court may prioritize maintaining the status quo for the children’s benefit and thus grant you your wishes. If children aren’t in the picture, property division is often more straightforward and may follow a 50/50 split, with considerations given to each spouse’s financial ability to maintain or buy out the other’s interest in the property.

Attorney Diem Nguyen, based in Washington, is a distinguished family law attorney who knows the ins and outs of dividing property during a divorce. Her deep understanding of community property laws has been her guiding light as she has steered numerous clients through the process of distinguishing marital and non-marital assets and dividing assets and debt.

Her track record of achieving fair and equitable distributions will help assure you that you’re in good hands, so reach out to DC Nguyen Law to navigate your property division and secure the outcome you deserve with ease today.

Property And Debts

In Washington, the division of property and debts during a divorce is governed by principles of community property and equitable distribution. It aims to divide the marital assets and debts fairly, although not necessarily equally, by examining the totality of circumstances at play. Keep this in mind as your divorce nears being finalized. There’s nothing worse than having expectations based on misconceptions that lead to disappointment when they’re not met.

Assets typically include real property (such as homes or land), retirement accounts (like 401(k)s or pensions), investment accounts, bank accounts, automobiles, and other valuable possessions.

Washington is a community property state, meaning that any property acquired during the marriage is generally considered to be owned equally by both spouses, regardless of whose name is on the title or who earned the income. Conversely, property acquired before the marriage or after separation and certain types of property, such as gifts and inheritances, are typically considered separate property.

Although the presumption is that assets should be divided equally, the court may adjust this based on various factors to achieve an equitable result. For instance, if you wish to keep a particular asset, such as the family home, you may need to compensate your to-be ex-spouse for their share.

As well, if you retain a high-value asset, such as the home, you may need to offset the value by paying for to-be ex-spouse their share. This can be done through various means, such as refinancing the home to buy out the other spouse’s equity, using cash or assets from other accounts, or agreeing to a set-off arrangement where one asset’s value is deducted from another.

For instance, if you keep the family house (valued at $1,000,000) and owe your to-be ex-spouse $500,000, but the joint bank account also holds $500,000, your to-be ex-spouse can offset their share of the house’s value. Here, you’d only need to pay $250,000 to equalize the distribution of assets.

Ultimately, the court aims to achieve a fair and equitable distribution of assets and debts based on the specific circumstances of your case, considering factors such as how long you were married, each spouse’s financial contributions, and their respective needs after the divorce is finalized.

For more information on The Division Of Assets In Divorce, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (425) 276-7390 today.