I am planning to file for divorce. And here are the details,
1. I am the primary earner in the house. I make a gross pay of 150K. My wife is a SAHM
2. We have been married 12 years with a 7 and a 2 year old
3. We have a house in Seattle, which has a outstanding payment of $375K. The title is in both our names. We bought the house in 2008.
4. I have a 401K with about $260K in it. And in the checking accounts we have about 200K.
5. I have 2 cars, which together should be worth about $ 15k total.
With the above scenario, if we have a divorce, can some body give me a accurate picture as to how things will be divided.
Landlord / Tenant Lawyer
WA is a community property state. Therefore it will be useful for you to start thinking in terms of what you as a marital community own, and what your debts are. Your 401(k)? It is half hers. The mortgage? Half hers, also.
The outcome in WA will be "just and equitable" - in other words, probably not 50-50, there may be some variation depending on what works for your family. If the kids are going to stay with her, the Court may well require you to pay enough maintenance that she can make the house payments, in addition to child support.
The Court is going to want her to get out of the house and back to work promptly. The Court may well ask you to pay day care while she's in school, in addition to child support and maintenance.
The Court is highly likely to award each of you half the 401(k), and divide the funds in the checking accounts. The Court will expect you to maintain health insurance, auto insurance and homeowner's at least during the pendency of the action.
The best advice I can give you is that you locate and hire an attorney who only handles family law matters and who has an approach you like. This is not self-help law. The result you get is going to be mostly based on who you hire. I cannot emphasize this enough.
Using Avvo does not form an attorney client relationship.
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Family Law Attorney
There are a lot of factors. The general answer is anything that you bought while you were married, with money you made from working, is half yours and half hers. Also any debts that started during the marriage are half/half. That doesn't mean the judge will divide everything 50/50. Under the law, the judge gets to divide things justly and equitable. That could mean giving extra money to your wife so that she can go back to school and support herself after you get divorced. Or something like that. You also only have to go to trial if you don't agree on how to split things up. If you can both agree, you can file the divorce together. Both of you should definitely talk to a lawyer to make sure you understand the law and your rights. Also, child support will have to be paid, depending on who the kids will live with and how much time each parent gets with the kids.
This information is very general and should not be taken as specific legal advice. This answer to this question does not create a lawyer-client relationship.
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Family Law Attorney
Normally the court divides the net marital estate equally between the parties. The net estate is the fair market value of all community assets minus the outstanding debts of and loans to the parties. However, the court has the authority to award property disproportionately, and often does so based on the relative financial strength of the parties. Child support is based on relative incomes and the WA State Child Support Schedule Economic Table which is published on line. Spousal maintenance is normally awarded if the parties have a long term marriage (which you do), one party can afford to pay (which you apparently can), and the other party has a need for it (which your wife apparently does). It would be inappropriate to give you detailed specific advice without doing a thorough interview of you and reviewing the relevant financial documents (income statements, bank accounts, credit cards, last annual mortgage statement, retirement, 401(k), valuations for house and vehicles, etc.). I usually spend a couple of hours on this before I feel that I can give an accurate picture of the client's realistic options. It’s always best to consult with a good family law attorney to discuss the details before you act. See my AVVO Legal Guides on divorce, division of assets and debts, child support, and parenting plans for more information about the legal issues raised by your inquiry. Please keep in mind that although these Legal Guides are often informative, they are no substitute for legal advice from an attorney you have retained for consultation or representation. Click on my photo. On my AVVO home page click on "View Contributions" or scroll down further and click on "Legal Guides." Scroll down the list of my 29 Legal Guides and select the topics relevant to your question. If you like my answer and Legal Guides, please make sure you mark them as “helpful” or “best answer”.
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