DIVISION OF ASSETS
If you are facing a divorce then you will certainly have some assets that need to be divided between you and your spouse. Oregon is an equitable distribution state, meaning that a Judge will split the property between you and your spouse in a way that he/she sees as fair, or equitable. It might not be equal. If you can work out a distribution of your assets without involving the Judge then you should attempt to do this. You should also know that debts will be considered by the Judge in the same way assets will be considered. If you have assets to divide from your marriage then you should contact me in regards to a consultation.
Your property will likely fall into two categories, separate or marital property. Separate property is property that you owned before the marriage or property that you received as a gift or inheritance. Marital property is property that is acquired or earned during the course of the marriage. All of this property must be divided when there is a divorce. Generally the Judge will want to allow you to keep your separate property that was yours independent of the marriage. However, a Judge has the authority to divide your separate property if he/she thinks that would be the fair thing to do.
The most common types of property that must be addressed are:
- Real property, like the family home
- Income from dividends and benefits
- Personal property, like a car or jewelry