Few things are more challenging than separating two lives in a divorce. A Washington couple who has been together for any length of time certainly has financial and legal matters in common, and the process of dissolving a marriage focuses on these entanglements. Spouses can take certain steps to make property division go more smoothly, especially if they are willing to compromise. However, there are also mistakes a spouse can make that may result in a post-divorce full of struggle.
Demonstrating to the court one’s joint and separate worth involves documentation and paperwork. A spouse who neglects to gather and organize the appropriate information may have difficulty obtaining a fair share of joint assets. This documentation includes all information related to bank accounts and investments, an accurate picture of the spouse’s income and papers describing property ownership and maintenance.
Understanding the tax ramifications of divorce is something many spouses overlook. For example, the laws related to alimony recently changed, and the sale of the family home may also have tax implications that must be considered for a fair division of assets. It is critical to know if tax penalties exist for withdrawing money from some retirement funds for the purpose of splitting the accounts.
Divorcing spouses in Washington must be careful to protect their credit by closing joint accounts. They can also find other ways to avoid overspending on a divorce by seeking alternatives to litigation, such as mediation. Seeking the advice of individual counsel can improve the chances of obtaining a full and fair share of assets during property division.
The Law Offices of Stacy D. Heard, PLLC
