Oregon is an “equitable” property division state, which means that courts seek a fair division, not necessarily an equal one. Marriage is viewed as a partnership where income earned and property acquired during the marriage is marital property, regardless of who holds title. When dividing property, the courts take into consideration the length of the marriage, the economic status of each party and the nature of the property.
Often the current value of real property or business interests needs to be professionally valued before we can begin negotiations to reach a fair division.
It is common for people to have disagreements over what is fair when it comes to property. If agreement cannot be reached, a hearing will be held and a judge will divide the assets according to what the court views as being equitable.
Contact us to learn more about:
- Separate property
- Business property valuations
- Liquidity and tax consequences
- Oregon Uniform Marital Property Act
- Property valuation
- How your health or physical limitations affect property division
- Inheritances and gifts to children
- Taking possession of property that is awarded to you
- Retirement benefits, pensions, 401(k), stocks, bonds, real estate investments, insurance policies
- Division of vacation property, travel rewards, air miles, etc.
Marital debt is also divided equitably. A judgment that assigns the payment of a joint debt to one spouse does not override a pre-existing contract with the creditor. Divorce can force a business owner or any individual into bankruptcy. Contact the law firm of Donald K. Armstrong to learn how to protect your business and your credit rating.