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Financial preparation for divorce involves taking stock of assets

Depending on individual circumstances, a Washington couple who chooses to divorce may find the process fairly simple and without struggle, or quite complex and stressful. With regard to distribution of assets and other financial issues, many different types of problems can arise. Laws governing such matters often vary, and it is always advisable to seek clarification of the laws in one's own state so that one can be adequately prepared, financially and otherwise, for divorce.

Whether a state is an equitable distribution or community property jurisdiction is an important factor. A person considering divorce who is concerned about financial issues will want to assess how state law may affect the bottom line in a particular situation. Washington is a community property state, which typically means all marital property and assets are divided evenly between spouses who divorce. With regard to debt, one or both spouses may be responsible, depending on the circumstances.

Details regarding general household expenses, student loans and other financial situations will likely be considered as the court makes decisions as to whom the obligation to pay a particular debt should fall. One will want to be prepared for any number of obstacles that may arise due to such issues. A logical way to begin preparations is to make a list of all assets, debts, income and expenses so as to create an overview of one's entire financial condition.

In order to avoid potential problems regarding assets and finances in divorce, many Washington couples try to prepare for such situations by executing prenuptial agreements prior to marriage. Discussing such options with an attorney may help determine whether such an agreement would be in one's best interests. To begin such a discussion, one may simply request a meeting with a family law lawyer in the area.

Source: natlawreview.com, "How to Prepare for Divorce Financially", Maria P. Imbalzano, Sept. 6, 2016

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