Richard E. Fowlks, Attorney at Law

Property division must take your budget into account

When you think of property division, you might think of the large assets like homes and cars. These are often the first assets that are divided so that the smaller ones can be used to balance things out. Many people are tempted to try to hang on to the highest value items, but this might not always be a good idea. We can help you determine what feasible options for dividing property might be in your best interests.

One thing to consider when you are trying to determine what to fight for is that you are going to be solely responsible for paying the related expenses. You must remember that you are relying on your own income at the end of the marriage.

For a home, this means paying for the mortgage, insurance, taxes, upkeep, repair and maintenance. When you start to add all these up, you may come to the realization that you don't want to stretch your budget that much. In this case, it might be better to let the higher value home go in favor of taking a smaller one that you can afford a bit easier.

Another point to factor into your decision is that you might have to cover some of the debts from the marriage. You should factor in a bit of money in the budget for this so that you aren't shocked when it happens. All debts from the marriage must be paid, so you will likely have to pay for some. Oftentimes, debts are divided last since they can finish balancing the agreement, so it is equitable. We are here to help you look into these matters, so you can set a good plan for property division.

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Richard E. Fowlks, Attorney at Law
1607 N.E. 41st Avenue
Portland, OR 97232

Toll Free: 888-779-8837
Phone: 503-505-7941
Fax: 503-249-8500
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