Today we want to talk about property and asset division in a Seattle divorce.
How is property divided in a Seattle divorce and what can you do to assure that everything is properly accounted for and you get your "fair share" so to speak?
You need to begin by creating a Divorce Spreadsheet, and listing all of your marital assets as well as anything that can be classified as a separate asset - in other words, did either party own something of value prior to getting married that was not purchased with community money. Did you husband or you own a car previous to marriage? That would be a potential example of separate property.
On your spreadsheet, we need to account for the asset, whether commmunity property or separate property, define the value of that asset and then define any debt on that asset in order to arrive at the net value of your assets.
So this means if you own a home together, you are going to need to get it appraised. If you have cars, you need to determine their value by going to a source like Kelly's Bluebook.
How about savings accouts, checking accouts and the value of any retirement plans held by either party? We need to account for those assets also.
Is there a business involved, how about business assets, valuation of business, cash on hand and in the bank, etc. This information needs to go on your divorce spreadsheet.
Now how about unsecured debt? Do you have credit cards and balances owing, all of this is taken into consideration when you get to court.
It is critically important you have as accurate a picture as possible for your finances as the courts will use this information.
The Seattle Divorce courts will use this information in making their determinations in your Seattle Divorce.
In Washington, all property generated by the two parties during the years they were a couple is generally considered community property (or marital property) and is up for division. This includes retirement account benefits. The law in Washington (and thus in your Seattle Divorce case) starts with an assumption that community property will be split 50-50. However, from there the court will consider a variety of factors that could lead to different percentages. For example, when one party is the higher wage earner, the courts may attempt to put the parties in a closer economic position after the divorce through property division and spousal maintenance.
Fifty/fifty is just the starting point. There are various legal factors that can tip a property distribution in favor of one spouse. You had better be sure you have an attorney who has enough experience in the courtroom to know how judges are viewing property distribution, so you can get the best possible result in your Seattle divorce.
Seattle & Bellevue Family Law Attorneys and Seattle & Bellevue Divorce Attorneys
Two offices serving Seattle, Bellevue, Redmond, Kirkland, Mercer Island
Seattle Office: DuBois Cary Law Group, PLLC 927 N. Northlake Way Suite 210 Seattle WA 98103 Phone: (206) 547-1486
Bellevue Office: DuBois Cary Law Group 1400 112th Ave. SE Suite 100 Bellevue, WA 98004 Phone: (425) 279-7863
