MONEY & ASSETS

Marriage involves combining two lives emotionally and financially. As such, spouses often trust and rely on each other for economic support. The amount and duration of spousal maintenance is a complex calculation. One of our experienced alimony attorneys can help you understand your options.

Washington State follows community property law, which can significantly impact the portion of assets you receive once your marriage is dissolved. There are some exceptions to this process that may allow you to retain property that belongs solely to you.

You and your ex have an equal interest in and access to this community property. Separate property is anything you had prior to being married or were gifted or inherited during your marriage.

Many spouses mistakenly believe that if they maintain separate bank accounts or avoid mixing their assets, the income or property will remain under their sole ownership and not be subject to division. If marital earnings are placed into a separately titled account that existed before your marriage, any separate funds will likely be considered “co-mingled” with the post-marital deposits and, therefore, deemed community property.

While a 50-50 split of community property might be acceptable to both you and your ex, it may not be easy to achieve. Your property must be valued before it is divided, and you will need to agree on what specific assets either of you is going to take. Otherwise, a judge will do it for you.

For example, one spouse might want to keep the family home, while the other wants the cars and family business. Some spouses liquidate their assets completely, resulting in a lump sum that can easily be divided. Other options include selling the home, dividing up other property, or buying either spouse out of their interest in a specific asset.

A property division lawyer can help you understand which assets are subject to division in your divorce.