There are less than ten states in the country that follow community property laws. Under this property division principle, the courts will seek to divide you and your spouse’s marital assets and debts equally, regardless of which spouse the asset was titled to.
In this blog, we will discuss how your marital property may be divided during your divorce in Washington State:
What is community property?
Community property refers to all your jointly owned marital assets and debts. Seven common types of these include:
- Earned income from employment
- Personal property (e.g., jewelry, artwork, cars)
- Real estate property
- Joint bank accounts
- Retirement accounts
- Business properties
- Debts and loans taken during the marriage
Although community property states practice an equal division of marital property, the Washington courts are guided by the “just and equitable” principle. In this process, the judge will seek to divide your marital property in a manner that is fair for both parties.
What is separate property?
Also known as non-marital property, separate property refers to any asset that either party owned before the marriage. Additionally, your respective inheritances, gifts and debts will remain yours to manage after the divorce.
However, it is vital to remember that if either you or your spouse has used a “non-marital property” to fund a “marital property”, those assets will become community property.
For example, you deposited 20% of your inheritance funds into a joint account. You then used the funds to buy a family camper van. Since the two funds have been mixed and used for the household, they will be considered as community property.
Do I need to hire a lawyer?
Although hiring a lawyer is not a strict requirement for divorce in Washington State, working with one can help make the legal processes easier to manage, especially if you and your spouse own complex property and assets.