Asset And Debt Division

Helping You Secure A Fair Property Division Settlement

Divorce is an emotional process by itself, but worrying about legal matters stemming from these proceedings can be even more psychologically exhausting. Property division is one of these matters. The lawyers and staff at Lutz & Associates, P.S., have been representing clients in property division cases since 1997. This experience allows us to provide you with quality, effective representation to get you the results you are seeking. Property distribution encompasses several types of property such as:

  • Real estate
  • Financial assets
  • Pensions and retirement funds
  • Business evaluation and division
  • Personal property including household goods
  • Community property, as defined below

Our capable divorce attorneys understand how to properly evaluate your assets for a fair settlement.

Understanding How Assets And Debts May Be Divided In Your Divorce

The legal presumption in Washington is that community property – the marital property belonging to both spouses – will be divided equitably and fairly.

Divorcing spouses can reach their own agreement about how to divide property through negotiations or mediation, but if the plan does not allocate assets equitably, the spouses must explain why and confirm that they agree. A premarital or postnuptial agreement may also stipulate a division that deviates from the presumption of equitable property division.

How Does Washington Divide Community Property?

The first step in arriving at a plan for asset distribution is to distinguish separate property from community property. Separate property typically includes things owned by each spouse before the marriage as well as gifts and inheritances. Community property generally includes everything else that either or both spouses have acquired during the marriage.

When a family law judge sees a couple’s settlement agreement, they usually expect to see property division that takes into account factors such as the following:

  • The size of the marital estate
  • The length of the marriage
  • Each spouse’s financial situation
  • Contributions that either spouse has made to the education or career of the other
  • Child custody considerations, especially when children will live most of the time with one parent in what has been the marital home

Debts, as well as property, should be divided justly and equitably. The details will differ from one divorce to another, but generally, debts incurred by either spouse before the marriage will still pertain to that spouse afterward. Debts acquired during the marriage may be considered to be the responsibility of both. There may be exceptions when either spouse can prove that debts amounted to wasting of community assets.

Contact Lutz & Associates, P.S., For The Support You Need

To contact a property division lawyer at Lutz & Associates, P.S., send an email inquiry, call us at 253-292-5939 or text our Tacoma offices at 425-786-9466 . We can assess your case and determine the best course of action to gain a positive result. Let us help you retain the property that you believe you are entitled to. We look forward to discussing your specific case and individual needs.

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