When you are involved in a divorce in Oregon, one of your concerns is likely to be how your assets will be divided. States can determine what rules they will set for asset division in a divorce. There are two general rules: community property or equitable distribution. We at Willamette Valley Legal would like you to understand that Oregon is an equitable distribution state. This means that your marital property, which is the assets secured while you were married, will be divided equally between you and your spouse.
Your assets can include almost anything, from real estate to retirement accounts. Ideally, you and your spouse will come to an agreement on how to divide your assets. If you cannot do this, though, it is left up to the courts.
According to the Oregon Judicial Department, you have to provide the court with a list of all your marital property that is to be distributed in your divorce. If property is not listed or not disclosed, it could be difficult if not impossible to add it later on. So, you could lose out on something that is rightfully yours if information about the asset is not provided to the court.
It is important to note that even if all the property or assets you and your spouse have is only in one name that does not void it as martial property. If it was obtained during your marriage, then it is martial property as far as the courts are concerned. To learn more, visit our website.