Oregon couples who are going through a divorce may need to split a retirement account as part of their agreement about property division. An IRA can be divided with a separation agreement or a divorce decree, but this can be more complex if the IRA owner has begun taking 72(t) distributions before the age of 59 1/2.
You may go into your divorce proceedings feeling fairly comfortable that you understand exactly what properties you and your soon-to-be ex-spouse shared. Yet like many others in Marion who are in your same position, you may be shocked to learn that your workplace retirement accounts (such as your 401k) are also considered to be marital property. If the funds in such an account are there solely due to your own individual efforts, whey then would your ex-spouse be entitled to them?
Whether you are currently deep within the divorce process or you have just started filing papers, it is critical to have a firm understanding of property division. Although all factors in a divorce are important, property division may be one of the most intense issues. You may have grown attached to certain items during years of marriage, and it can be difficult to separate that property. You may be pleased to know that not all items are eligible for division in the divorce settlement. While marital property is considered divisible and may be distributed in a fair and equitable fashion, separate property may stay with the original owner even after the divorce is finalized.
When you go through your Oregon divorce, you likely will discover that the property settlement negotiations between you and your about-to-be ex-spouse will consume a good amount of time. Even assuming that both you and (s)he are fair-minded adults, neither of whom wants to deprive the other of what rightfully belongs to him or her, coming up with a fair and equitable property settlement agreement can sometimes be tricky.
As beloved as pets are by many couples in Oregon, they do not have the same status as children when it comes to divorce disputes. While pets do not have legal status in California either, a newly signed law allows California judges to apply the same criteria to pet ownership disagreements that they use to determine custody of a child.
If you and your marital partner are splitting up, there may be various aspects of your divorce that bother you or cause you to worry. For example, if you are a parent you may be terrified of a dispute over child custody and how things will unfold. The financial side of divorce can be very tricky as well and property division is one area that can be especially challenging and complex for some couples. In this post, we will take a look at some of the different examples of marital property, which is subject to division.
In the interest of fairness, most states abide by either community property or equitable distribution laws. These laws guide courts on how to divvy up property during a divorce. According to FindLaw, Oregon has no such marital property laws on the books. While this allows for more flexibility during the property division process, it also provides for more uncertainty, especially concerning the family home. For this reason, there are certain considerations that a couple should discuss regarding what is to become of the home post-divorce.
When you decide to go through with your decision to divorce your spouse, you immediately begin to analyze the impact this choice could have on your family business and its success. Allowing your emotions to take over or making irrational decisions in an effort to stay in control, can have detrimental effects on your company's future. At Daniel J. Lounsbury Attorney at Law, we have helped many individuals in Oregon to navigate the difficult legal process of divorcing their spouse without compromising their business or its success.
When a marriage ends in Oregon, the couple must follow the state's plan for property division. According to the Oregon Judicial Branch, property includes much more than the home and other real estate. The couple must also divide their personal property, such as vehicles, furniture, jewelry and other objects.
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.