Property Settlements - Divorce
Oregon law mandates that the allocation of property between spouses at the time of the divorce be just and proper. That means that it may not be equal. There are two classes of property recognized by Oregon law, Marital Assets and Marital Property. Call during normal business hours (M-F 8:30am to 5:00pm) to speak with a highly rated Oregon Family Law Attorney immediately.
Division of Assets
Marital Assets are assets acquired by either or both of the parties during the marriage, and there is a presumption of equal contribution by each party to the acquisition of the property.
What Property Do I Own In My Marriage?
Marital Property is any property in which either party has an interest, regardless of when or how it was acquired. This includes property acquired prior to the marriage. Although the presumption of equal contribution does not apply to marital property, any increase in value during the marriage, is a marital asset subject to the presumption of equal contribution.
What Am I Entitled To?
While the court usually prefers an equal division of the property, sometimes one party is granted more than one-half of the assets if there are circumstances such as poor health or significantly lower earning capacity.
Division of Debts
Debts are generally divided much like assets. However, a judgment of dissolution that assigns the payment of a joint debt does not override a preexisting contract with the creditor.
Harris Law Firm, P.C. serves Portland Oregon, and surrounding cities, for Family Law Call Us Today at 503-648-4777.
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