Divorce under any condition, whether amicable or not, includes emotional and financial stress, and when attempting to divide any property assets, you may need legal guidance to see that all assets are tended to properly. Often, those who are parties in a divorce may forget about some assets, because even the items that have been stored in the back of the closet and not touched for years are part of it. Your other property assets may include, but not be limited to:
- Retirement funds
- Investment property
- Your home
- Checking and savings accounts
- Furniture, home décor, furnishings
- Life insurance
- Cars, trucks, any type of vehicle
- Airline miles
- Rare coins/stamps /collectibles /memorabilia
- Your business/es
If your owned property is of high value, it is essential that you have the best legal counsel who has asset division experience to advance and secure what is rightfully yours previously, during, and after your separation. When utilizing a law firm like Community Law Firm, you can rest assured that your assets are appropriately portrayed; that business shares, retirement accounts, and land possessions are precisely noted and divided to benefit you most.
When starting the process of dividing assets, it is important that both parties to the divorce are aware of them all and their values. Without proper legal assistance, the value of certain items may be hard to determine, so there is an even better reason to have an attorney by your side when completing asset division in Washington.
Once you have the proper legal counsel and are ready to either negotiate or let the court decide how to divide your property assets, the process goes:
- Each asset will be listed and determined if it is community property or separate property
- A valuation is then determined for each item by having it appraised by an expert, selling the item if agreed upon, mutually agreeing to a value, or using the actual amount if talking about assets that are made of money or finances.
- The division of the assets between both parties occurs, as well as any debts.
The division of property and debt can have lasting ramifications on your life after the divorce is finalized. It is critical that you know about Washington laws with respect to property and debt during divorce. It tends to be troublesome (or unthinkable) and costly to alter a property division after the separation, so it is important to be done well the first run through. Utilizing a Washington divorce attorney that specializes in asset division is the best way to ensure your future is bright and unaffected as much as possible. Call Community Law Firm today at 206-771-434 for our Seattle office, or 425-551-8075 for Bellevue.