If I want to get divorced after 32 years of marriage what can I expect regarding the division of assets?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 9 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. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption