Dividing Your Property Fairly
In a divorce, the division of the marital property can be one of the most contentious components. Determining which assets and debts are marital and which are considered separate property and how to divide them can be controversial and complex.
At Rehmke Andreve, PS, we understand the headache and heartache a divorce and the property division can bring to husbands and wives. Our goal is to provide experienced legal guidance to put you on a better path in life. Contact us to learn how we can assist you through the divorce and division of property processes.
Who Gets What?
Washington is a community property state. That means that all marital assets and debts are to be divided between divorcing spouses. However, that division is not required to be equal. Rather, it is to be fair and equitable.
Determining what marital property versus separate property is can be tedious. In most cases, assets obtained and debts incurred during the marriage are considered community property and subject to division at divorce, such as:
- Primary home and other real estate
- Family business or other business interests
- Pensions, retirement and 401(k) accounts
- Stocks, bonds and investments
- Saving and checking accounts
- Loans and credit card balances
Which Property Is Your Separate Property?
In general, property obtained prior to marriage is considered the sole property of the husband or wife who was the original owner. There are exceptions to these guidelines, however, especially if legal prenuptial or postnuptial agreements are in place.
At our firm, we work with our clients to determine the best course of action in regard to divorce and division of property. We offer services in mediation, collaborative law and traditional court representation by an attorney. By listening to your concerns and goals, we can help you structure a plan that protects your best interests.
Property Valuation During The Division Of Property
The division of property in a divorce can be complex, involving various types of assets that need to be accurately valued to help ensure a fair distribution. Here is a look at key areas involved in property valuation during a divorce:
- Real estate: This often represents a significant portion of a couple’s assets if they have investment property. All assets need to be appraised to determine their fair market value. Factors such as the property’s location, condition and market trends can significantly affect the value of these assets.
- Marital home: This can be the most emotionally and financially significant asset for many couples. Deciding what happens to the marital home can be challenging. One spouse may wish to keep the home, especially if children are involved, while the other may prefer to sell it. A professional appraiser must determine the home’s value, and any outstanding mortgage needs to be factored into the property division process.
- Business and professional practices: This involves evaluating the business’s tangible assets, like equipment and inventory, as well as intangible assets, such as goodwill and client relationships.
- Retirement accounts: Accounts like 401(k)s, IRAs and pensions can be complex to divide, especially for long-term marriages. A qualified domestic relations order (QDRO) can be used to divide these accounts without incurring penalties.
- Investment accounts: Stocks, bonds and mutual funds should be valued and divided equitably. The process involves determining the current market value of the investments and deciding whether to split the accounts or offset them with other assets.
Understanding the valuation process for these different types of assets helps in achieving a fair division of property during a divorce. A family law attorney can help in this process, protect your interests and ensure that you receive an equitable share.
Contact Us
To discuss your questions and concerns pertaining to family law, divorce or division of property, please contact our office online or call 253-642-4541 to schedule a consultation with a skilled lawyer.