5 yr marriage
He owns 5 rentals bought prior to marriage. (Approximate value $1 million)
She owns one home bought during the marriage but he signed a Quit Claim deed (Approximate value $340k) and the loan is in her name only.
Always had separate accounts. Never comingled any money.
She has small IRA ($25k), $5k savings, and $5k in credit card debt.
He has ???
The court has the obligation to address all property of the marriage, both community and separate. Any property acquired prior to marriage is most likely separate, but it is still subject to division by the court to balance the equities.
Property acquired prior to marriage is presumed to be separate, however, the court can consider both separate and community property when making a fair and equitable division of property and debts.
I agree with both of my colleagues. Washington State uses the Fair and Equitable standard when crafting a property settlement in a dissolution of marriage case. The court has jurisdiction over community and separate property when rendering its decision. The length of the marriage, the age of the parties, the financial condition of the parties will be considered when determining what is fair and equitable.
Washington is a community property state meaning all debts and assets acquired during marriage are divided equally, unless by mutual consent of the parties. Any debts or assets acquired before marriage are considered separate property and belong to it's rightful owner. During the divorce, all property should be addressed in the divorce decree. Consult with a family attorney so you receive a fair settlement in the divorce.
