There are a few different ways to resolve your divorce in the United States, whether you wish to divorce or dissolve your civil union. You can settle your divorce by deciding to pay the other a lump sum of money, split matrimonial properties, or pay continuing spousal maintenance payments if one of you is financially struggling.
If you seek a divorce in Washington, talk to a Tacoma Divorce Attorney at Alliance Law Group to find out more about your rights in divorce and what your wife is entitled to.
What Are Matrimonial Assets?
The financial assets you and your spouse accumulated during your marriage are referred to as matrimonial assets or marital assets. When acquired during the marriage, matrimonial assets may include the following:
- Family home or other real estate
- Liquid cash
- Stocks, bonds, and mutual funds
- Furniture and appliances
- Debts, such as a mortgage, loans, credit cards, overdrafts, and other commitments
What Are Non-Matrimonial Assets?
Financial assets acquired before or after the marriage are referred to as non-matrimonial assets. Each of the examples above would be considered a non-matrimonial possession if acquired outside of the marriage period. As a result, they will be handled differently than marital possessions.
Are Non-Matrimonial Assets Exempted From Divorce Settlements?
Certainly not. A divorce settlement and asset allocation will be determined by various factors, including individual circumstances and any pre-existing agreements. Any non-matrimonial properties could be exempt from financial settlements, although this isn’t always true.
For instance, if a non-matrimonial asset such as an inheritance is used to purchase a vehicle, home, or another asset during the marriage. The asset that results is classified as a matrimonial asset.
Are Matrimonial Assets Split 50/50?
Any final financial arrangements should be fair. It’s usually better for the couple and the courts if a “clean break” is achieved, but often this isn’t possible. The idea that assets are split 50/50 is a misconception but generally a starting point.
When determining how divorce will be settled, the court considers several factors to ensure the assets are divided fairly and fairly. These include:
- Each party’s relative needs — a partner in a financially disadvantaged position can be judged to need more as part of a reasonable settlement.
- Child custody — a spouse responsible for the children’s upbringing should be awarded more to ensure their well-being.
- Future earnings — a spouse who has given up career advancement and, as a result, future earnings to care for children, will be entitled to more compensation.
Whether as the petitioner or the respondent, one of the most troubling concerns when facing divorce proceedings is the divorce settlement. Divorce can be expensive, but knowing your rights and entitlements ahead of time can help you manage your expectations and reduce stress.
Contact an Experienced Divorce Attorney
What can a wife claim in divorce? There’s no straightforward answer to this question as divorce circumstances mostly vary from one couple to another. Contact Alliance Law Group at 253-581-0660 to talk to an experienced Tacoma Divorce Attorney.