Your Property Division for a Divorce in Spokane: Five Categories

Are you preparing for a divorce in Spokane? If so, property division is likely to be one of the most complicated and challenging issues that needs to be resolved. Washington is a community property state. Under RCW 26.16.030, all assets and liabilities acquired after the start of the marriage are generally owned 50-50 by each spouse. 

Of course, in practice, it is often difficult to decide who should get what in a divorce. A lot of things—from a marital residence to sentimental personal possessions—cannot always be split in half. Here, you will find a checklist to be used for property division during divorce in Washington State.

Your Property Division for a Divorce in Spokane: Five Categories

1. Real Property

In Washington State, real property is defined as fixed property. Essentially, this category covers buildings and land. For a divorcing couple, your real property may include any of the following: 

____ Your marital residence

____ A vacation home

____ Rental/investment property

____ Property related to a business

____ Land that is currently undeveloped

2. Financial Assets

After your real property, make sure that you document all of your financial assets. In effect, a financial asset is cash and any property held in an account that could be sold or converted to cash. Some of the most common types of financial assets include: 

____ Cash

____ Checking accounts

____ Savings accounts

____ Brokerage accounts

____ Individual Retirement Accounts (IRAs)

____ 401(k) accounts

____ Other retirement assets

____ Mutual funds

____ Annuities

____ Life insurance 

____ Trusts

3. Personal Possessions

Personal possessions are also subject to property division under Washington’s community property standards. Some possessions have tangible, clear financial value. Others have strong sentimental value. Examples of personal possessions include: 

____ Motor vehicles

____ Boats, RVs, and ATVs 

____ Home furnishings

____ Appliances

____ Antiques/artwork

____ Computers and other electronics

____ Clothing

____ Collections

____ All other personal property with tangible or sentimental value

4. Business Interests

Do you or your spouse own or control any business interests? If so, those business interests may be subject to property division in a divorfce in Spokane. Businesses that may be divided include: 

____ Sole proprietorships

____ Partnerships

____ Limited liability companies (LLCs)

____ Corporations

5. Marital Liabilities (Debts) 

Finally, a divorcing couple should carefully compile all of their debts. As debts are community property in Washington, any outstanding liabilities will also be addressed as part of the divorce process. Some common debts include:  

____ Mortgages

____ Car loans

____ Credit card debt

____ Medical debt

____ Personal loans

Get Help From an Experienced Divorce Lawyer in Spokane

At Hodgson Law Office, our Spokane divorce lawyers have deep experience handling complex property division cases. If you have any questions or concerns about dividing assets under Washington’s community property laws, we are more than ready to help. 

Contact us now for a fully confidential case evaluation. With an office in Spokane, we represent people throughout Eastern Washington, including Spokane County, Lincoln County, Stevens County, and Whitman County.