Property Division In Washington
Last updated on September 3, 2024
Property division is the process of dividing marital property during a divorce. It is generally a complex process involving numerous assets, such as the family home, retirement accounts, real estate, investment portfolios and much more. Along with child-related matters, this is the area most likely to cause disputes during divorce.
You need an experienced lawyer if getting divorced in Yakima or Kennewick, Washington. At Resolute Law PLLC, our attorneys have over 15 years of experience and a deep understanding of state-specific property division laws. Known for our fierce but compassionate representation and track record of success, our firm can help you explore your legal options and resolve property disputes. Call our firm to set up a free consultation.
How Is Property Divided In A Divorce?
Washington follows community property laws when dividing marital assets. It means family courts strive to distribute joint property equally whenever possible. Certain legal issues, like the presence of a prenuptial agreement, can change how this process unfolds, but the initial mindset of the court is the equitable division of marital assets.
It is also important to note that only marital property is subject to division. Some assets may have been purchased prior to the marriage, and they may still count as separate assets, such as a separate bank account or a pre-marriage business kept maintained with separate funds.
Factors the court may consider include:
- Nature and extent of community property
- Duration of marriage
- Individual economic circumstances (income, earning capacity, etc.)
- Financial and nonmonetary contributions (homemaking, child-rearing, etc.)
Courts also take the wasteful dissipation of assets into account if one spouse has squandered marital property.
What Types Of Assets Are Divided In A Divorce?
All marital assets are subject to property division, so the list can be extensive. Common assets include:
- Financial accounts, like checking or savings accounts
- Real estate properties, like a family home or a vacation property
- Retirement accounts and pension plans
- Businesses that have grown, that started after the marriage or that are owned by spouses jointly
- Investment portfolios and stock options
Remember, your marital liabilities must also be divided, including taxes, marital credit card debt, joint mortgage loans, etc.
Call For A Free Consultation
Meeting with an attorney for a free consultation is an effective way to learn more about your marital property legal options. Call us at 509-381-7330 in Yakima or use the online contact form below.