Hillsboro Divorce Lawyer
Oregon Divorce Property Division
Every marriage will acquire property to some degree, regardless of the length of the marriage. This is one of the big issue topics in a divorce, of only second to child custody or spousal support. Marital property is usually all property that is procured during the marriage regardless of how the property is titled or which spouse owns the property. It can be challenging to determine how to fairly determine the value of the marital property and to then separate the jointly owned assets, especially noteworthy assets such as houses, stock, rental property, retirement plans, vehicles, retirement income, pension plans, or businesses. Deciding who should get what asset can be time-consuming and at times a daunting task. When parties do not agree about asset division, it can become rather muddled.
So how should assets be divided? It is not based solely on the current monetary value or the purchase price. Although it is often not thought of, it is important to consider what asset will be best for your future financial security. Also important is to make sure you understand the cost basis, the effect this asset will have regarding your taxes, and also the ease of which you may turn this asset into cash flow if the need arises in the future. Debts must also be divided along with the marital property, as they were acquired together as well during the course of the marriage. Not all assets may be divided physically. In some cases, each spouse may receive a percentage of the total value of the property after all assets and debts have been valued.
There are a few assets that will not be divided- any money awarded for pain and suffering in a personal injury claim, a gift given to you or spouse from a third party, any property either spouse owned prior to the marriage that has not been commingled with marital property, or an inheritance you or your spouse received.
Contact an Oregon Divorce Lawyer
As unique as each marriage is, so too are the marital assets and debts. If you have any questions or doubts regarding your rights to marital property or what is considered marital property, protect your interests and contact Johnson Law, P.C.
To speak with an experienced family law or divorce attorney today, please contact the Hillsboro and Portland, Oregon family, divorce, and property rights attorneys at Johnson Law, P.C. by calling (971) 205-3266 to schedule a consultation.