Washington law provides for the division of debts in a divorce exactly as it provides for the division of property. In other words, debts are to be divided between the spouses in a fair and equitable manner. What “fair and equitable” mean for you depends on the circumstances of your case. Like property, debts are either…
We most often hear about prenuptial agreements in the context of highly publicized celebrity divorces. These cases cause the impression that prenuptial agreements are necessary only for the rich and famous. However, nothing could be farther from the truth. Prenuptial agreements are important for all couples, but even more so for older couples, who are…
In a Washington divorce, all debts are divided, even if they solely belong to one spouse or the other. While some spouses are able to agree to a division of debts, other spouses must turn to the court for the division of their debts. There are two major reasons why debt division is so important. First,…
Bankruptcy is the legal process by which an individual or a married couple can discharge eligible debts or obtain a court order that you do not have to pay one or more particular debts. This is often a solution when a couple has accrued substantial amounts of debt that they really cannot repay. In many…
When a divorce is filed, one or both spouses are often emotional, hurt, and unsure about getting divorced. These feelings may cause a spouse to take actions that he or she believes will hurt the other spouse. One of these tactics is running up large bills and debts with the belief that the other spouse will be…
According to a 2016 study by the American Bar Association, a majority of people who don’t go to a formal advisor for assistance with a civil justice situation neglect to do so because they believe they have “no need for advice” or that such advice “wouldn’t make a difference.” Getting divorced gives you something in common…
Washington is a community property state. This means that any income, property, or debts that a couple acquires during a marriage is assumed to belong to both partners equally. This is the case even if only one spouse purchased the property or actually owes the debt—under the state’s community property laws, all assets and debts…
Marital debts, just like marital assets, are fairly divided between spouses during a divorce. Because Washington is a community property state, all income, property, and debts that either spouse acquires during the marriage belongs to the marital estate and must be split relatively equally between the spouses. The responsibility for a marital debt can be…
Marriages may not always last for decades, but some debts do. When a married couple who owns a house divorce, the mortgage debt often exists for longer than the marriage. During a divorce, couples need to be aware of the long-term consequences of their mortgage before deciding on what should happen to the house. Mortgages…