Dividing Property in a Community Property State
“Washington is a 50/50 state.” This is likely one of the first things you find out when talking about divorcing here. Washington is one of only nine community property states that exist in the US. This is often not a straight, down-the-middle split of all marital assets however. Various factors can tip a property distribution to favor one spouse over another.
No one should underestimate the long-term financial ramifications of divorce. Median available household income, especially for the lower-earning spouse, drops 40 percent off former levels on average. Washington law takes this seriously.
That’s why the courts will consider a variety of factors. For example, when one spouse earns more, the court may try to put the parties in a closer economic position after the divorce through a disproportionate property division.
We know from vast experience how judges view property division so you can aim for the best possible result in your divorce. Our close-knit and collaborative team of lawyers constantly share and brainstorm the creative division of assets. It’s kind of our thing.
Legalese Defined: COMMUNITY PROPERTY
Also known as “marital property,” community property refers to all possessions and ownership interests acquired after your marriage ceremony. Yes, this includes your retirement accounts. And all your collective debts.
Complex Property Division
When medical professionals, business owners and other high-asset individuals get divorced, the legal complexity increases for both spouses. An attorney with experience in high-asset divorce and business valuation can help ensure you receive your fair share of the marital estate and can prepare you for a stable financial future.
When substantial and diverse assets are involved in a divorce, those assets must be identified and valued to establish a fair property division arrangement. A property, which on the surface may seem like separate property, may technically be community property and subject to division. It is important for you to obtain effective and experienced representation and work with qualified financial experts to determine a fair resolution.
Our lawyers work with experts in accounting and business valuation to provide our clients with accurate assessments of their business, real estate, professional practice and other properties. We can help you in regard to the valuation and distribution of a family business, retirement accounts, stocks, inheritance, retention bonuses and other assets.
At DuBois Levias Law Group, we have extensive experience helping high-net-worth individuals with divorce and complex property division matters. We will work closely with financial experts to handle your case with the utmost care and precision, to ensure your interests are protected.