Family Law Attorneys Looking Out For Your Financial Future
When going through a divorce, some clients underestimate the importance of property division, especially if they are focused on child custody and other aspects of their case. But fairly dividing property and debt is essential to your short-term and long-term financial security. The decisions you make now could impact you for years or decades to come. At the Law Office of Sophia M. Palmer, we understand the importance of getting this process right. We’ll take the time to discuss your financial needs and goals, learn which assets are most important to you and then craft a legal strategy accordingly. When necessary, we consult with appraisers, financial planners and other outside professionals to give you the most relevant information and advice about your marital estate.
Keep reading to learn more about how martial property and debts are divided in divorce.
The Basics Of Property And Debt Distribution In Washington
Washington is one of the few states in the nation to follow the “community property” model of asset division. Under this model, nearly every asset or debt acquired by either spouse during the marriage is considered equally owned, and therefore, subject to division in divorce. The ideal end result is a 50-50 division of marital assets and debts, but there may be good reasons to deviate from this in certain cases.
Upon the dissolution of a marriage, the assets and debts acquired or created during the marriage are typically divided between the parties, with some exceptions. While some distributions can be mutually agreed upon and approved by the court, not all dissolutions are so simple. In those cases, the court will follow a prescribed process that involves identifying how assets or debts were acquired, what types of assets or debts they are, intent or knowledge surrounding them, and more. Having an attorney who understands the best methods to approach the distribution of the marital estate is critical, whether the parties involved are amicable or not, in order to follow the rule of law and ensure there are no future challenges.
We have helped hundreds of clients through the property division process, including clients with significant assets, clients with almost no assets and everything in between. No matter how simple or complex your marital estate may be, we have the experience, knowledge and resources to ensure that it is valued accurately and divided fairly.
Reach Out Today For Experienced Guidance
The attorneys at the Law Office of Sophia M. Palmer will guide you through the property and debt distribution process, ensuring that you have the resources you need for life after divorce. To schedule your initial consultation, call us in Tacoma, Washington, at 253-356-6460, or send us an email.