Assets the Court Doesn't Divide in a Divorce
Oregon is an equitable distribution state; at the end of your marriage, the court will equitably (fairly) divide marital property between you and your spouse. By law, fair may not equate equal.
While the court assumes most of your property is marital property, certain items are exempt from division. By law, any property acquired in the duration of your marriage is “marital property” and subject to division, unless it is a gift or inheritance. These items are separate property, and the court will not consider them in divorce proceedings.
Generally speaking, these determine whether a specific item or asset is subject to property division in an Oregon divorce proceeding:
- When did you acquire the asset? Before or after your wedding?
- Was the item part of an inheritance?
- Was the item a gift – either from your spouse or a third party?
“What happens to the engagement ring?”
One of the most common questions in property division is, “Who gets the engagement ring?” In the end, the court will decide if the engagement ring is marital or separate property. While an engagement ring is typically intended as a gift, the court can decide that it was a “conditional gift” to be divided in the divorce.
Pets and Property Division
For many people, pets are like family. If you are facing a divorce, you may be concerned about your pets, and where they will live post-divorce. In the United States, most pets are legal property. Thus, they are often subject to the same property division laws as your other belongings.
Other Factors to Consider
Engagement rings aside, any item given to you as a gift (from your spouse or a third party) is personal property; your spouse cannot take it in the event of a divorce. This also includes any valuables or assets that you acquired before the marriage.
If, for example, you purchased a car before you married, the court will not consider it while calculating property division. On the other hand, if you and your spouse purchased the vehicle together, the court will divide it with your other marital property.
Need more answers? McKinley Irvin invites you to speak with a representative of our law firm today. Contact us for additional information.