Money & Assets
Equity is
important
The distribution of money and assets is often one of the most hotly contested components of a divorce. It creates an opportunity for both parties to leave the union financially sound and capable of establishing a new life. When your family’s long-term success is your primary focus, seeking and supporting an equitable distribution should be a priority. Getting there can be the hard part. Our team of experienced family law attorneys will work with you to understand what matters most to you and help design an agreement to accomplish your goals.
SPECIAL CIRCUMSTANCES
High-Net-Worth
Many couples with extraordinary wealth have unique assets that require an expert’s assistance to determine their value. You may also have privacy concerns we can help address. Our team of highly experienced high-asset attorneys can work with you to construct a plan with the right group of experts and help you meet your objectives.
CREATING EQUITY
Spousal
Support
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.
FINANCIAL STABILITY
Child Support
Your kids deserve the best, and you and your co-parent have a responsibility to provide for their financial needs. Our family law attorneys know that children need financial stability to flourish during their critical developmental years and are here to help you create a plan that works for everyone involved.
FINANCIAL STABILITY
Child Support
Your kids deserve the best, and you and your co-parent have a responsibility to provide for their financial needs. Our family law attorneys know that children need financial stability to flourish during their critical developmental years and are here to help you create a plan that works for everyone involved.
YOUR CAREER IS IMPORTANT
Career Considerations
Entrepreneurs, tech employees, doctors, and other professionals have unique career considerations when divorcing. Whether it is how to determine the distribution of RSU’s (Restricted Stock Unit) or the need to relocate for the next big opportunity, our team of family law attorneys can help you navigate your options.
COMMUNITY PROPERTY LAW
Property Division
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.
WHAT IS INCLUDED
Community Property
- Both spouses’ earnings during the marriage, including interest on investments
- Investment and retirement accounts funded during the marriage
- All personal property (vehicles, art, household furnishings, antiques, etc.) and real property (primary land and buildings) purchased with wages earned or community funds (i.e., money from joint bank accounts) during the marriage.
- All debts established during the marriage
COMMITTED INTIMATE RELATIONSHIPS
Unmarried Couples
There are several factors considered when determining if you would need legal counsel as an unmarried couple when your committed intimate relationship (CIR) comes to an end. Most commonly, you may need help determining the distribution of assets and liabilities, creating a parenting plan, and determining child support. We have helped countless clients assess if their relationship was a committed intimate relationship and reach settlement agreements aligned with their top priorities.
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FURTHER READING
Blog Posts
If you and your partner reside in Washington state and are unmarried, you each might qualify for the legal protections availed to you by law by classifying your relationship as a committed intimate relationship.
Family law and estate planning often intersect. This is particularly true when contemplating divorce, remarriage, or blending families.
If you have a significant amount of money saved, you might be considering giving some of it away while you are still alive via what is known in estate planning jargon as a living inheritance. Depending on your desires, you can give your beneficiaries a portion of or all of the inheritance you intend to give them.
Estate planning is commonly associated with preparing for asset distribution and financial management in the event of the estate plan owner’s incapacitation or death. However, an estate plan can protect more than just people and what they have worked so hard during their lifetimes to build. A carefully crafted Washington state estate plan can also protect pets.
Despite being divorced, you may still be able to collect social security benefits through your ex-spouse. Even if you went through a high-conflict divorce or are not on good terms with your ex-spouse currently, they cannot stop you from collecting these benefits if you are eligible. Likewise, your ex-spouse does not need to permit you to apply for social security benefits or have previously completed an application themselves.
If you live in Washington State and have an estranged family member, are you worried about them contesting your will after you die? Well, don’t worry quite yet. There are a variety of criteria an individual must meet to contest a will in the state of Washington.
Depending on your situation, there might also be measures you can take as you revisit your existing estate plan or create a new one to cause them to think twice about doing so. Here is what you need to know about whether an estranged family member can contest a will in Washington state.
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