When couples in the District of Columbia (DC) decide to end their marriage, they must go through a divorce. In Washington DC divorcing couples split their marital property 50/50. This means each party is entitled to half of the total value of the marital property.
How are assets divided in a divorce in DC?
When dividing assets in a DC divorce, the state follows a “50/50” rule. This means that the courts will divide the marital property in a fair and equitable way for both parties. This includes dividing assets, such as bank accounts, investments, real estate, and any other property acquired during the marriage.
When determining the division of assets, the court consider various factors, such as the length of the marriage, the income of each spouse, and the contributions each spouse made to the marriage. The court also considers debts or liabilities that the couple has incurred during the marriage.
What is considered marital property in DC?
In the District of Columbia, all assets acquired during the marriage are considered marital property. This means that each spouse is entitled to half of the total value of these assets. In addition to bank accounts, investments, real estate, and property acquired during the marriage, this can include more complicated assets such as a business, advanced degrees, and cryptocurrency.
What are Assets that are Not Considered Marital Property in DC?
In the District of Columbia, certain assets are not considered marital property and are, therefore, not subject to division in the event of a divorce. Examples of such assets include:
Inheritances: Any assets or property received through inheritance are typically not considered marital property.
Gifts: Any assets or property received as gifts, either during the marriage or prior to the marriage, are typically not considered marital property.
Personal Injury Settlements: Any settlement received as a result of a personal injury, such as a car accident or medical malpractice, is typically not considered marital property.
Property owned prior to marriage: Property that was owned by one spouse prior to the marriage is typically not considered marital property, unless it was commingled with marital assets.
Separate Property Agreements: If the spouses have a valid prenuptial or postnuptial agreement that specifies which assets are considered separate property, those assets will not be considered marital property.
It’s important to note that the laws governing marital property and asset division vary from state to state. Therefore, it’s always best to consult with a family law attorney for specific guidance.
Once an accounting of assets and debts has been taken, the courts in the District of Columbia take a fair and equitable approach when dividing assets in a divorce. As a result, both parties receive equal shares of the marital property.