Property & Debt Division
A primary objective of divorce is division of property and debt. This includes an equitable division of both assets and liabilities. Idaho is a community property state, which means that all assets and liabilities acquired during marriage are presumed to belong equally to both spouses. Idaho law provides for a substantially equal division of community property and community debt. However, certain factors such as the duration of the marriage, premarital agreements of the parties, the age, health, occupation, amount and source of income, skills, employability, separate liabilities of each spouse, earning capability, and retirement benefits can impact the division of property and debt.
Property division commonly includes a division of money, real estate, retirement and investment accounts, taxes, household items and other valuables, insurance policies, and business interests. Central to a fair and equitable property division is ensuring that each asset is properly valued. The attorneys at Racine Olson know how to take the necessary and appropriate steps to ensure a proper valuation of your assets is obtained. Our team has the experience necessary to handle even the most complicated and complex property and debt division issues.