Most people who get married expect the relationship to last a lifetime. In many cases, that is exactly what happens, even if some hefty challenges are encountered along the way. In many other cases, however, marital problems give way to divorce proceedings. If a spouse preparing to divorce also happens to own a business, property division proceedings can be complex.
Dividing a home can be difficult for some couples in Washington who are getting a divorce. People may have a sentimental attachment to their home, particularly if they have raised a family there.
Business owners in Washington should take extra care in the decisions they make when they determine it is time to divorce. Small, closely held businesses are linked intimately to the owners' finances. In many cases, these firms are marital property up for distribution as part of the asset division process. Some people may find it easy to reach a settlement, especially when one spouse is more heavily involved in the company, and the people involved are relatively prosperous outside the business. One spouse may take a greater share of real estate or retirement funds in exchange for relinquishing a claim on the company.
Washington couples may be interested in learning why some spouses are willing to get a divorce to save money. This has been referred to as a strategic divorce. More individuals in a higher tax bracket may consider this option in light of the 2018 Tax Cuts and Jobs Act. This piece of legislation means that a couple who is in the top 37% tax bracket has a higher liability if they file as a couple.
Many married couples in Washington encounter relationship problems. Some seek counseling, confide in a friend or family member or tap into other resources to help them restore happiness in their marriages. Others file for divorce. This state operates under community property laws, which is definitely something anyone considering filing for divorce will want to learn more about before heading to court.
Washington couples who have gone through a divorce often say that it was not one major issue that drove them apart but a multitude of factors. In particular, there are a few common indicators that often show a marriage will end in divorce.
Every marriage is unique. So is every divorce. Each state has its own laws and guidelines regarding all the issues that couples must resolve when they decide to end their marriage. Washington is one of only nine states that operates under community property laws, which can greatly affect a particular outcome in court.
Many divorcing couples in Washington have to decide what they will do with their homes along with the rest of their property. If one person wants to keep the home, several steps must be taken for one spouse to purchase out the other.
Divorce is a stressful time for all Washington residents, whether you are barely scraping by or whether you are in a financially comfortable position. However, when you are a high-asset couple, you may have certain considerations that do not apply to all couples going through a permanent breakup, such as a significant amount of luxury assets. In this situation, how do you and your former spouse decide who gets to keep the artwork?
When people in Washington make the decision to divorce, it can be difficult to adjust to the changes that come with the end of a marriage. In some cases, people may deal with emotional shocks, especially if they were not anticipating the request for a divorce. In other cases, the marriage may have broken down some time in the past, but the financial stress associated with divorce can present challenges of its own. In addition, divorce can be particularly hard for parents who need to adjust to a new co-parenting relationship and get used to time when the children are with the other parent.