Regardless of “ownership”, anything else you or your spouse have acquired during marriage is generally considered to be community property. When it comes to dividing retirement accounts, you want to be informed of all possible impacts. Under Washington law, all assets acquired during the marriage are subject to division (with limited exceptions), and some assets acquired prior to the marriage may be on the table as well. This means your 401(k) is seen as joint property that both you and your spouse own. This means it belongs to both of you regardless of the name on the account if it was acquired during the marriage and is subject to division along just and equitable lines. Perhaps a recipient spouse owes alimony and has achieved retirement benefits as an employee of the State of Washington or a city in this state. To schedule an appointment at our law offices in Tacoma, WA, please call 253-272-2997 or send us a message online today. Your divorce order must specify division. Once you have identified the assets that are subject to division in your divorce, then you need to determine their present value. . In the case where an agreement can be reached, parties may divide their property and debts any way they mutually choose. This means that even when spouses agree on all the terms of the divorce, they still need to wait 90 days to divorce under Washington state divorce laws. It can take months or years to finalize a divorce and all 401k contributions made during this time will be considered marital property in divorce. Sometimes, all funds in the account will be split. The State has its own Department Retirement Orders, that need to be signed by the court and approved by the State. Some states follow “community property” standards. Dividing Washington State Retirement Plans. Or, rather than dividing ownership of a business (which can present a variety of issues for both spouses), the spouse who runs the business might retain sole ownership while the other spouse takes another high-value asset such as the family home or vacation property. However, if you and your ex-spouse cannot agree, you are essentially forcing the court to decide who gets to keep what. If you have substantial assets it is essential that you hire a qualified Washington divorce attorney with experience and relationships with appraisers and valuation experts. Retirement assets are often the largest assets that parties own. In Washington State, divorce laws regarding property division dictate that the final settlement or ruling must be “just and equitable.” This doesn’t mean that parties split everything 50/50—instead, a judge may consider each party’s personal circumstances to determine the fairest result. Yes, you are entitled to your community property share of his retirement and he is entitled to his share of yours. These are all important questions to consider now so that you can make informed and confident decisions during your divorce. The court won't necessarily do a 50/50 split, but it … The next step is to meet with our experienced attorneys to learn your rights and options for moving forward with your life. In Washington State, all property acquired during the marriage is generally deemed community property and must be divided equally at divorce. by Samuel K. Darling, Divorce at Family Law Lawyer at Genesis Law Firm. There are any number of ways you and your spouse may decide to divide things. Protecting your retirement is obviously one of the most important things you do in the divorce process. It is recommended that you work with a family law attorney who will help to prepare and inform you of your legal rights and options in this process. 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