Property Division

Seattle Divorce Attorney

If you are getting divorced, it is critical that you and your attorney share a thorough understanding of your financial situation. Amanda DuBois and Monica Kaup Cary often include accountants, business valuation professionals, estate planners, and other financial experts on their legal team to help you achieve the strongest settlement. Their assistance is invaluable: often saving you money, minimizing your taxes, as well as providing you much-needed peace of mind.

In Washington state, all property generated by the two parties during the years they were a couple (including the years they were living together as well as married), is up for division, including retirement benefits. The law in Washington starts with an assumption that community property will be split 50-50.

However, from there the court will consider a variety of factors that could lead to different percentages. For example, when one party is the higher wage earner, the courts will attempt to put the parties in a closer economic position after the divorce through property division and alimony.

Your separate property is generally not a part of the marital estate and is typically not subject to division. This would include property you had before you were married or living together. It also includes inheritances and gifts received during the marriage, as long as the assets haven't been commingled with community property. If you made separate property contributions to community property (such as a down payment on a house) you may be entitled to a reimbursement when the community property is divided. In cases like these, it is important to have a lawyer with the expertise to work with financial professionals to trace separate property interests.

If you are the lower-earning spouse, your lawyer can work with financial professionals to help you select which parts of the community property will be better for you given the tax consequences, the future growth possibilities of that asset, and the fact that you may have less in retirement.

Discovery of community assets

Even in an amicable divorce, it may become necessary to use depositions and written interrogatories to discover the facts of community assets and liabilities. Once this information is documented, we frequently recommend that clients use an experienced, objective financial planner to explore all settlement possibilities. During the mediation process, we often engage the services of a financial planner or CPA to attend mediation meetings or be available by phone to address the pros and cons of specific settlement proposals. Should litigation become necessary, we will engage your financial planner to offer expert testimony at trial to substantiate your financial situation and needs.

There are serious long-term financial ramifications in any divorce. Many people have emotional reactions to financial decisions. This is why we believe these issues are best addressed with the support of an objective financial planner. We believe this is a time to curb emotions and take advantage of the experience of the experts on your team. Once you have their professional recommendations, you’ll be in the best position to make decisions and obtain a property distribution that will serve your financial future.

If you have questions, please contact attorney Amanda DuBois or a member of our legal team. Our waterfront office is located on the north end of Lake Union in Seattle, Washington.