What is community property?
Community property is a basic tenant of divorce law in Washington State. Community property is defined as any asset acquired during the course of the marriage.
Whether that be 401k asset, a home, a car, cash in your bank account, anything at all that is acquired during the course of your marriage is considered community property. There are 3 basic exemptions to community property.
One: if it’s a gift.
Two: if it’s an inheritance.
Three: if it’s a settlement from a personal injury lawsuit.
In Washington State, community property is usually split between the spouses. It can either be a 50/50 split or it can be a more one-sided split if one spouse makes significantly more than the other.
Why is this of any importance? Simply because you’re thinking about getting a divorce and you want to know what your financial exposure is to your husband or your wife. We deal with these sorts of problems every day.
Pick up the phone and call us at (206) 633-2015.
