Identifying Marital Vs. Separate Property In Gig Harbor

Washinton is a community state. Therefore, the division of assets will be done between both partners, which means the assets will be jointly owned. Residents in Gig Harbor have to navigate through the complexities of a divorce settlement with their spouse, and it can be a daunting task. 

A divorce attorney can help spouses make informed decisions during the divorce proceedings and provide legal assistance at every step. The division of assets involves the property that is separately owned and the property that is owned by both partners.

 The classification depends on various factors, such as when the property was owned, whether it was transferred to the jointly owned account or not, etc. Determination of these things can significantly impact the division of assets. 

Key considerations involved in the division of assets

• Mixing of separate assets with marital property

If you have some separate property, for instance, inherited money, and you put it into an account that both spouses jointly own, then the funds will be subjected to division at the time of divorce. Such mixing is called Commingling, which can complicate the division of assets. Therefore, you must keep the separate assets separate if you are not willing to divide them at the time of divorce. 

• Separate property owned by either of the spouses

The spouse owns separate property before the marriage, and it also includes any inheritance owned by the partner during marriage. They will be separately owned by the person and are not subject to division during the divorce unless they are transferred to the account that both partners own. 

• Business assets considerations

If any partner owns a business, then the classification will be done based on when the person established the company. Furthermore, if there is a contribution from the other partner who does not own the business, the contribution can have an impact on the division of assets. Another thing to consider is how the person managed the company. 

• Proper maintenance of documents and evidence

It is essential that all the documents, financial statements, and all the transactions that have been made are correctly kept. It will help classify the asset as a separate or marital asset. Therefore, you must keep accurate documents to determine the reasonable division between the partners. 

Hire an attorney to make the process easier!

A divorce attorney can help safeguard your rights and protect them from any possible harm. They have years of experience in handling divorce cases with varying degrees of complexity.