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Money matters and how they apply to divorce

On Behalf of | Jan 4, 2019 | Uncategorized

Divorce can be one of them most challenging experiences of your life. No matter how much you may want to be done with your marriage and move on to a new lifestyle, the issues you and your spouse must work through in order to achieve a settlement can prompt intense emotions on both sides and also spark dispute if you happen to disagree on certain matters. Financial issues and those involving child custody tend to be most often prone toward contention.

However, just because you don’t see eye-to-eye doesn’t necessarily mean you won’t be able to amicably resolve your differences and devise a fair and agreeable plan for your post-divorce future. Regarding financial issues, the more you learn ahead of time about state laws, your rights and how the family justice system works, the better.

Issues that may apply to your situation

No two divorces are exactly the same. You and your spouse may encounter similar issues that others have experienced, but that doesn’t mean the way you handle the situation or the ultimate outcome will be identical. In fact, you may have several options to choose from when trying to overcome financial obstacles in divorce. The following list includes common money matters that you might address before the court finalizes your divorce: 

  • Every state has its own property division guidelines.
  • As an Oregon resident, you are among a majority of states that govern property matters under equitable division rules, meaning the court will decide a fair division of all your marital assets even though it might not be an equal split.  
  • You might be able to barter assets with your spouse as part of your property division proceedings.
  • Marital assets are subject to division in divorce; however, so are any and all debts you or your spouse incurred during marriage.
  • Many spouses decide it is better to pay off debts as they are able before property proceedings to avoid obstacles regarding who should be responsible for which liability.
  • Your divorce may have many tax implications. You and your spouse may have to negotiate who will claim your children as dependents and other important issues.
  • If you are entitled to half of your spouse’s retirement benefits, you may be able to access those funds without having to pay an early withdrawal penalty fee.
  • Hiding assets to keep them from being subject to division in divorce is illegal.

Financial issues may have been one of numerous issues that led to your divorce, so it would not be surprising for similar issues to cause problems during legal proceedings as you try to work out a settlement. If you walk into court knowing little to nothing about Oregon property division laws, your own joint account information or other money matters, you may wind up getting the short end of the stick.

Latch on to strong support

By relying on an experienced family law attorney, you can be confident that your best interests will remain a high priority throughout proceedings and that you can devise an appropriate course of action to overcome any problems that arise.