Legal Success Built On Integrity And Passion

Important facts about dividing property in an Oregon divorce

On Behalf of | Aug 24, 2017 | Firm News, Property Division |

Once you and your spouse have established that you cannot make your relationship work, it is time to begin the legal process of ending your Oregon marriage, a large part of which is dividing your marital property. At the office of Daniel J. Lounsbury Attorney at Law, we have assisted many divorcing clients with the division of assets and debts.

If you own some things that were never shared during your relationship, they might not be part of the process. For example, if you had a valuable necklace left to you by your grandmother, it may be separate property. You should still mention it when you are doing the inventory, but it might not affect the equitable division of your shared assets. However, as the Oregon Judicial Branch explains, assets such as retirement accounts that were contributed to during the marriage would be considered marital assets. 

Most people in America have some amount of debt, and if you and your spouse have a mortgage, car loans or credit card debt, each liability will have to be designated to one or the other of you, or divided equitably. This is true even if your name is not on the loan. 

Not every case goes to court. In fact, many spouses are able to sit down and come to a fair agreement without suing each other. This may be preferable to allowing the judge to determine the outcome of your settlement. More information about dividing marital assets and debts is available on our webpage.