Property and Debt in WA Divorce

Generally speaking Property is what you own or have rights to use.

The term “real property” concerns land and structures thereon and the term “personal property” concerns all the rest. Both parties have a duty to bring all “real” and “personal” property before the Court for division and any property that is hidden can be awarded mostly to the other side depending on the circumstances.

It is important to carefully inventory all items of significant value. A fair division of property requires a full disclosure of property and full disclosure includes the value of the property. Property acquired by gift or inheritance may qualify as “separate property”. Separate property usually (but not always) is awarded to owner.

Retirement assets can often have community and separate components so care must be taken to value them properly. If you have been married for more than ten years you may qualify for Social Security benefits in the future based upon your spouse’s average earnings or yours.

Like property, debts are either “community” or “separate” must also be fully disclosed.

The term “community debt” refers to debts on community assets or where both parties are liable.

“Separate debt” usually attaches to separate property where only the spouse with the separate property is liable.

LINKS TO INFORMATION ON WASHINGTON DIVORCE

If you have any questions about your own particular situation relating to WA divorce laws or getting a divorce in Washington, please don’t hesitate to reach out for your own free consultation.

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