When creating an inventory for purposes of property division, there are certain items that are obvious to include. For example, it is unlikely you would miss cars, furniture or artwork. You also are likely aware that stocks and retirement funds will be part of the settlement negotiations. But there are other, less visible assets that could have value.
When you are going through a divorce, you have myriad issues with which to contend. But property division may be the most complicated single issue to resolve, especially if you are looking at divvying up a substantial amount of wealth. And while you will no doubt spend a great deal of time focusing on such high-value items as your home, automobiles, retirement funds and stock portfolio, there are other items that you don't want to overlook.
If you are planning on getting divorced in the near-future, it is a good time for both you and your soon-to-be ex-spouse to start itemizing your property and other assets. And if you have been part of the workforce for a number of years, you each may have been contributing to one or more retirement funds. It is possible that these funds have grown quite large and as such, you need to be very clear on the manner in which they should be handled for division purposes.
If you are preparing for a divorce, your focus is likely being pulled in many different directions. This is perfectly normal, but it can also be overwhelming. And among the myriad of concerns with which you are contending, property division may be the most complex.
Washington is a community property state, which means that when a marriage ends, all of the assets and property accumulated by both parties during the course of the marriage is divided in a fair and equitable manner.
In our last post, we began looking at the issue of dividing the family home in divorce. As we noted, both couples who cannot agree on who will take the family home can experience complications, not only with determining who has the right to take possession of the home, but also whether both or either party is financially capable to taking sole ownership of the home.
The two most important issues that have to be dealt with in the divorce process are child custody and property division. One area where both of these issues can intersect is with the disposition of the family home. For most couples, the family home most important asset they have to their name, and determining how the property should be handled can be a contentious matter.
In our last post, we commented that divorce settlements do not always need to be measured in strict financial terms to be considered fair. In other words, couples should not necessarily assume in property division negotiations that the only way to negotiate with one another is to fight over assets and debts, even though that may be the obvious thing to do.