Understanding Property Division In Your Divorce
In Washington, the assets of the parties are characterized as either community property or separate property. The court in your dissolution of marriage proceeding is required to divide the property and liabilities in a fair and equitable fashion, without consideration of marital misconduct. This is the concept of no-fault divorce. Specifically, RCW 26.09.080 provides the court authority based on specific factors to divide the marital property. Those factors include (1) How much and what kind of community property is to be divided (2) How much and what kind of separate property is to be divided; (3) How long the couple was married; and (4) Each party’s economic circumstances at the time the division of property will be effective, including the whether awarding the family home or the right to live there for reasonable periods is desired by the spouse with whom the children reside the majority of the time.
The character and extent of assets need to be determined and valued including real estate, securities, pensions (private, federal, state and military) other retirements such as IRA and 401(k) plans, which require specialized orders to divide.
Our Attorneys Will Protect Your Rights
Divorce cases involving substantial assets or complex estates require specialized knowledge. At Yelish Law, our attorneys are experienced and skilled in identifying and valuing assets, businesses and wealth, including real estate, securities, retirement funds and pension plans, and other actual or potential sources of wealth. Email us or call 360-602-3943 to schedule an appointment at our firm in Port Orchard.