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April 21, 2012 /24-7PressRelease/ -- Financial Considerations for Divorce or Dissolution in Washington
Are you contemplating or facing a divorce? Whether congratulations or regrets are in order, many decisions must be made as you prepare to start the next chapter of your life; decisions about children, joint assets, alimony, child custody and finances.
Washington is a community property state, meaning that, in general, all property -- and debt -- acquired during the marriage and money made during the marriage will be split equally between the two upon divorce or dissolution of a domestic partnership. Separate property is usually previously-owned property brought into the marriage or inherited by one of the partners. Distinguishing between the two types of ownership often requires a professional, especially when a business is owned by one or both parties.
As you prepare to go your separate ways, the financial aspects of the divorcecan be the hardest to overcome. This is especially difficult if one person has a much better handle on the family finances. Here are some things you can do ahead of time to prepare for settlement negotiations:
-Organize family paperwork such as taxes, real estate deeds and banking records
-Do not engage in "retail therapy" by going on a shopping spree
-Calculate the long-term costs of keeping the family home
There are also things you can do to start living financially separate lives:
-Set up bank accounts and credit cards in your sole name
-Establish a joint account that is used for interim family expenses
-Decide who will pay for the children's health insurance and college
If you are preparing to divorce or are already in the midst of splitting up, talk with a lawyer who knows family and divorce law. An experienced family law attorney can help you achieve an equitable division of assets and assist you through the emotionally draining divorce process.
Article provided by Law Offices of Gregory & Rooney, PLLC
Visit us at http://www.grrlegal.com/
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