If I want to get divorced after 32 years of marriage what can I expect regarding the division of assets?
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If I want to get divorced after 32 years of marriage what can I expect regarding the division of assets?
We own our home together. He has a part-time job; I have had the same job since I was married. We owe $97,000 on the house; $10,000in credit card debt. I would like to give him the house and I will pay off the credit card debt. I have a Roth IRA in my name. Would I still be responsible for the house if he defaults on the loan? Would he be entitled to my retirement fund and my IRA? If the answer is yes, what steps can I take to just pay the credit debt, take a few pieces of furniture I want, and leave free and clear?
Asked on July 12, 2011 under Family Law, Washington
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
I am so sorry for your situation. Washington State is a community property state, which means that the assets and the liabilities (generally) are split 50/50 when couples divorce. Yes, your IRA and retirement accounts are also community property along with the house and the credit card debt. Courts always like it better when the parties can agree on the distribution of their assets rather than having to go through a trial on asset distribution. And I would have an attorney help draw up the agreement. As for walking away from the house, think twice. Yes, if he wants it all you can agree to deed it over to him but that does not take care of your liability on the mortgage. The bank is not a part t you r divorce agreement and they are not bound by it. SO the best thing would be to refinance it out of your name. Get help. Good luck.
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