Division of Property in Washington
Bob Young
A Family Lawyer in Yakima Helping People Protect their Assets
One of the most important financial components of any divorce is the division of property (both community and separate property). Because this division can seriously affect you and your children’s financial future, the best path forward includes working closely with a dedicated Yakima family law attorney.
A Community Property State
Washington is what is known as a community property state, and the property you and your spouse acquire over the years of your marriage generally is community property that belongs to both of you equally. In the event of a divorce, this community property often is divided equally between the two of you. It is important to note, however, that the court can wield its considerable discretion in this matter and divide your assets according to that discretion.
Your Community Property
Generally, anything you acquire during your time together as a married couple is considered community property – regardless of who made the purchase or whose name is on the contract. All of the following generally qualify as community property:
- Your family home
- The money in your savings and checking accounts (both joint and separate)
- Any other property acquired, including real estate, art, or other items of value (like jewelry)
- Your vehicles
- Your retirement accounts, including savings accounts (if these were started prior to marriage, the contributions made during marriage are community property)
- All instruments in your financial portfolio
- Your wages, including benefits
Determining the overall value of your community property can be quite daunting, and divorces that involve high assets, a business, multiple properties, and/or complicated assets tend to be even more difficult to sort through and to ensure the division is equitable. As such, it’s always in your best interest to have a skilled family law attorney on your side.
Your Separate Property
Separate property refers to that property that you bring into the marriage with you and that you keep separate throughout the years – which means that you don’t commingle with your community property. One exception to the community property rule is any inheritances or gifts that are given to you (in your name only) over the course of your marriage, which remain yours alone. When it comes to community property, suffice to say that it’s complicated.
Don’t Wait to Consult with a Dedicated Yakima Family Law Attorney
The division of your marital property is an important and complicated financial matter. The staff at Dobbs & Young in Yakima have the experience, resources, and fortitude to calculate the true value of your marital property and to ensure that your financial rights are well represented. Your financial future is too important to leave to chance, so please don’t hesitate to contact or call us at 509 577-9177 today.