DIVIDING DEBTS & PROPERTY IN A DIVORCE IN LAKEWOOD, WA
A LAKEWOOD DIVORCE ATTORNEY CAN HELP YOU PREPARE FOR THE FUTURE
Divorcing couples or couples in the midst of a legal separation will need to decide on how they wish to divide their property. A couple’s property is not limited only to finances and investments, but also determining who should be liable for the properties.
As a Lakewood divorce attorney with more than 30 years of experience, Kevin G. Byrd is committed to ensuring that all of your assets are divided accordingly and equitably. If you need assistance with your divorce and property division matter, he can help you make sense of the process.
The Challenges of Property Division
Attorney Kevin Byrd understands the responsibility he has as a divorce lawyer, particularly when it comes to preserving marital assets. The largest distinction to make is which property is considered marital property, also known as community property, and which is separate property. In the state of Washington, all assets as well as debts that have been accumulated during the marriage would be considered marital property.
These are the items that would not be considered marital property:
- Property acquired as a gift or through an inheritance
- Property acquired after the couple has separated
- Property acquired in a judgment that is awarded to one or the other spouse
- Property acquired in exchange for other property that was given as a gift, through inheritance, or before the marriage
- Property acquired before the couple was married
After making this determination, it is important that we negotiate for a fair division of the property. Fair does not necessarily mean a 50-50 split down the middle. Rather, it means ensuring that each spouse receives what rightfully belongs to them and holds that spouse accountable for debts that they have incurred.
What Affects Property Division?
Several factors will affect property division; this is because no two marriages are the same, and each couple’s situation will be different from another’s. For example, a couple who has been married for only two years may not have had children or made significant investments. Resolving their property division matter may be a much quicker, with minimal negotiation, as opposed to a couple who has been married for several decades and has significant assets and debts accumulated.
Here are the factors that might affect property division:
- The duration of the marriage
- The age of each spouse
- Each spouse’s earnings and earning potential
- Each spouse’s level of education
- Each spouse’s financial obligations and needs
- If there is a trust, or another source of non-marital income
- If the couple lived together prior to being married
- Prenuptial agreements
If you have any questions at all over how the process of negotiating the most appropriate ways to divide property, let our Lakewood divorce lawyer, Kevin G. Byrd, assist you! It can be difficult to decipher the actual value of each of your assets, and he can help you put make those distinctions. It may take other measures, such as meeting with valuables appraisers and CPA’s as well, to give you a more thorough overview of your assets and properties.
Contact Us for a Free Appointment!
There is no obligation at your first appointment to make any major moves; however, time is of the essence when presented with a divorce matter. The quicker you can make a decision regarding your case, the quicker your divorce can be resolved. It all begins with your free case consultation with Attorney Kevin Byrd. He is a seasoned lawyer who advocates wholeheartedly for his clients in all family law matters. He is determined to help you obtain the most favorable outcome possible.
To request your free case review, give us a call or fill out our online contact form.