Portland Asset & Property Division Lawyer
How Does Property Division Work in Oregon?
One of the most heated legal issues involved in divorce is typically the division of marital assets and property. Oregon is an equitable distribution state, which means that all property acquired by either spouse during marriage is considered to be marital property and must be fairly distributed between the two parties in divorce. Property division includes not only assets like cash and real estate, but also includes the division of liabilities, such as credit card debt.
How The Courts Determine Property Division
Negotiations or divorce mediation could allow the two parties to come to their own agreement regarding a settlement and the division of their property. If the two parties cannot agree, they must go to court where a family law judge will make the decision for them. In making their final decision, the judge will consider a number of factors, including but not limited to:
- The income earning power of each spouse
- The age and overall health of each spouse
- The degree to which each spouse contributed to the acquisition of marital property
- The degree to which each spouse contributed to the education and earning power of the other spouse
- The value of each spouse’s separate property
- The amount of property and the costs involved to divide them
- Taxes and any other costs the spouses may be anticipating
- The needs of the divorcing couple’s children
- The future financial needs and liabilities of each spouse
- Any premarital agreements
- Any spousal maintenance obligations
The courts will not consider fault in causing the marriage to fail. When it comes to property division and other aspects of divorce, fault does not matter.
Marital Property vs. Separate Property
Assets are either considered separate property or marital property when it comes to equitable distribution. As their names suggest, separate property is property acquired before the marriage, such as property received as a gift or through an inheritance. Marital property, on the other hand, is property that was acquired during the marriage and using joint funds. At divorce, all marital property must be divided, and separate property may be considered too if necessary to achieve an equitable distribution.
Even though Oregon is an equitable distribution state, marital property is unequally distributed quite frequently. Anyone who is facing divorce needs an experienced Portland divorce lawyer by their side, especially if the client has extensive property and assets.
McKinley Irvin has handled numerous high-asset divorce cases with outstanding results. Our attorneys can protect your interests in the division of your marital property. We can also protect your separate property (which belongs solely to you) from being wrongfully divided or distributed in divorce. Consider that even separate property, or property that belonged solely to one spouse prior to the marriage, may be divisible in a divorce if the property appreciated in value through the use of marital funds. It is important to work with an attorney who can navigate you through the complexities of the law and ensure that your best interests are protected.
Consult with a Portland Divorce Attorney
A lawyer from McKinley Irvin can represent you in family court if you need to fight for fair division of your marital property. We are also experienced negotiators and can help you and your spouse come to your own amicable agreement. Our attorneys are trustworthy and highly experienced—several also have backgrounds in business law, accounting, and other useful areas.
Request a consultation to learn more about how we can handle your case. We are licensed in both Oregon and Washington and can represent clients in Portland, Vancouver, and surrounding locations.