Notes

Dividing Assets in an Washington Divorce
There are two kinds of assets in Washington: community property and separate property. Community property is everything that a married couple acquires throughout the marital relationship. This includes income, bank accounts, homes, cars and trucks, furnishings, and so on. Separate property is anything that either spouse owned prior to the marital relationship or anything that was gifted to or inherited by one partner during the marital relationship.
The primary step in dividing property is to figure out what kind of property it is. If The original source , then it will usually be divided fairly evenly in between the partners in the divorce. If it's separate property, then it will remain with the owner of that asset.
The next step is to determine how to value the asset. This is generally done by hiring an expert appraiser. Once the asset has actually been valued, the next action is to find out how to divide it in between the spouses.
There are a couple of various ways to do this. The first way is to sell the property and divide the earnings equally in between the spouses. The 2nd way is to have one spouse buy out the other spouse's share of the asset. The third way is to keep the asset and have one partner pay the other spouse for their share of the asset.
How a judge will Divide Marital Property
If separating partners can not reach an arrangement regarding how assets will be divided, then a judge will have to decide. In Washington, community property is generally divided equally in between the spouses in a divorce. Nevertheless, there are some factors that a court will think about when dividing community property. These issues consist of:
· The earnings and income making capacity of each partner
· The age and health of each partner
· The monthly amount of child support or alimony that each spouse will be paying or getting
· The separate property of each partner
· Any financial obligations that each partner has
· The requirement for one spouse to remain in the marital home
The court will likewise consider any other aspect that it thinks pertains to the splitting of property.
Can Separate Property be Divided in a Divorce?
Separate property is usually not divided in a divorce. However, there are some circumstances where a court will divide separate property. These scenarios consist of:
· If the property was obtained during the marriage and it would be unfair to not divide it
· If the asset is divided in order to adjust the allocation of community property
· If one partner requires the property in order to have a place to live.
What about debt?
Debt is typically dealt with like property in a divorce. This suggests that it will be either be divided equally between the spouses or it will remain with the spouse who incurred the financial obligation. nevertheless, there are some financial obligations that may be assigned to only one spouse. These debts consist of:
· Financial obligations that were incurred for luxury products
· Debts that were incurred for medical costs

· Financial obligations that were incurred for education expenditures
· Financial obligations that were sustained throughout the marital relationship however only one partner gained from them

A court will likewise think about any other element that it believes relates to the division of debt.
Reaching a Settlement Agreement with Your Spouse
If you and your partner can reach an arrangement on how to divide assets and financial obligations, you will save significant money and time by not needing to prosecute these concerns in court. Additionally, you don't deal with the uncertainty of having a judge choose how your assets and debt is divided. Lastly, by reaching an arrangement with your spouse on the terms of your divorce, you have the alternative of using a Washington online divorce service rather than needing to hire a lawyer. As a result, making a concerted effort to come to an agreement with your spouse on the terms of your divorce is certainly worth it in the long run.



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