How Do You Fairly Divide Property and Debts in a Divorce?
Are you thinking about divorce and wondering if you will be able to keep your house? Do you have questions about how your pension or 401K retirement account will be divided? Are you worried about whether you will have enough money to pay off your debts in the divorce?
At McNeil & Goldstein, in Hillsboro, Oregon, we can answer your questions about property division in your divorce. Call (503) 608-7850 or contact our firm to schedule a meeting to discuss your concerns about property division and other issues related to your divorce or family law dispute.
How Is Marital Property Divided Between Divorcing Spouses in Oregon?
In Oregon, the general rule is that unless there is a prenuptial agreement, all property accumulated during the marriage is marital property. It doesn't matter whose name the property is in, or whether one spouse purchased it on his own. Oregon law presumes that both spouses contributed to the asset and it is subject to division.
In the event of a divorce, all marital property is split between the husband and the wife in an equitable or fair manner. Equitable division can mean an equal split, but in some cases other factors result in one spouse receiving more or less of the marital property. Of course, every rule has exceptions. Some property, such as:
- an inheritance (inherited by only one spouse), or
- a gift (given to only one spouse), or
- property that a spouse had prior to the marriage,
may be considered that spouse's individual property. What is a marital asset and what is an individual asset is often one of the most contentious issues in a divorce.
Protecting Your Property Rights in a Divorce
Our family law attorneys understand the law regarding property division in Oregon. More importantly, we know the exceptions to the general rule. We can help you reach a fair division of the property and debt accumulated during your marriage — either through agreement, divorce mediation or litigation.
We have the skills and knowledge to handle property division in divorces involving modest assets as well as those with complicated and large financial estates. Our firm has experience handling identifying, valuing and dividing all kinds of marital assets, including:
- Homes, cabins, and other real estate
- Cars, truck, boats and other vehicles
- 401K, IRA and other retirement accounts
- Pensions and defined benefit plans
- Bonuses, stock options and other deferred compensation
- Privately owned businesses and professional practices
- Furniture, antiques, furs, jewelry and other personal property
For skilled representation in your divorce, contact a family lawyer at our Hillsboro law firm.
For more information about the division of marital assets and debts, visit our Divorce Information Center.