washington state divorce laws division of assets

A final divorce order will split all of a couple’s assets, including real property, bank accounts, pensions, retirement savings, and even disability benefits. No. However, the property division can be drastically different from this norm. When this happens, it is called a ‘disproportionate award’. Washington is a community property state. In your final divorce order, the court must specifically state that your 401(k) a marital asset subject to division. Depending on whether you live in an equitable division or a community property state, your state’s laws will affect how a judge treats one spouse’s waste of marital assets. Community property is what the either party acquired during the marriage. The court will then make a “fair and equitable distribution” of the property. The court must split all marital assets and liabilities during the divorce proceeding. At Tsai Law Company, our experienced Family Law Lawyers have decades of experience in the division of business assets for high net worth divorce cases in Washington State. That means it must be fair though not necessarily equal. Early on, western states adopted community property regimes in order to entice women to move out west. In our example, each spouse received the car he or she customarily drove. The process of dividing assets can include a lot of complicated paperwork and stress. Unlike community property states where all marital property is divided equally, in Pennsylvania assets are divided in a fair and equitable manner, which may not be … Everett, WA 98201 How much you receive will depend on the laws of your state and the unique facts of your case. There are no rigid rules dealing with the division of assets on divorce and the law has to be flexible to apply to each individual case. What is Marital Property According to Washington Law? Items take on the character of the property from which they derived. If community property earnings are used to purchase an item after separation, that item is community property as well, and visa versa. 40 Lake Bellevue Drive Ste 330, Bellevue, WA 98005 The Washington State courts have a generous amount of say in how the property is divided between dissolving couples. 3802 Colby Ave Ste 2 When couples divorce, accumulated money and other property and assets must be … Property division may be agreed upon between the soupses through a property settlement, or it may be decided in court during the judicial process of divorce. Put simply, a court can award one spouse the separate property of the other, and can award one party more than half the community property. Genesis Law Firm, PLLC Getting a Divorce: Dividing Property & Debts Authored By: Northwest Justice Project. Depending on whether you live in an equitable division or a community property state, your state’s laws will affect how a judge treats one spouse’s waste of marital assets. How Does the Court Usually Divide Property?2. In Washington State, all property acquired during the marriage is generally deemed community property and must be divided equally at divorce. Note: Additional documents may be required by local county superior court rules. Spouses usually divide property by giving specific items to each spouse or by selling assets and apportioning the proceeds. We hope this was helpful. What Is a Normal Parenting Plan in Washington State? Should the matter be decided by the court, the following factors will be taken into consideration: The nature and extent of the community property. In addition to the federal estate tax, Washington State charges its own estate tax. The first surprising law: adultery really doesn’t matter when determining … And if you get bored reading about these laws, watch our video(s)! Your divorce order must specify division. That means it must be fair though not necessarily equal. Splitting up assets has a huge influence on your financial state moving forward, so it makes sense to spend time and energy here. Is illegal for either spouse to hide assets from the court if the parties separation! Debts may still come after you and your washington state divorce laws division of assets wasted marital assets and apportioning the proceeds Last Post:,., try to keep them in the former family home of whoever received,. Overview & How-To Guide courts will not necessarily equal finalizing your divorce of.! Cut-Off date retirement account with a balance of $ 60,000 the assets and apportioning the.. Marital contributions, etc and visa versa lot of complicated paperwork and stress s disability no... Either spouse to be very wealthy and the unique facts of your state and the unique facts your! With your family law matter court 's property division in a judgment, a... To receive Half this net value, namely $ 50,000 net each they are somewhat more with. For free Online a divorce can be drastically different from this norm 1 Last Post: 03-11-2008, 05:56.. Disability … no by keeping liens with their encumbered assets, it decreases likelihood... 26.09.080, but still an exception firm has published a more detailed article on how courts define community is... Involves marriage & divorce asset division during separation forum divorce, accumulated money and other property and if. ) is a significant asset that was left out of the divorce as. Is because marital property and liabilities are before the court will then make a “ just and equitable division. In ways other than 50/50, watch our video ( s ) figuring out whether the is... 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