Asset Division Facts You Should Know
Division of property is a complicated issue in divorce. Like most states, Oregon divorce law requires an equitable division of the marital estate. What that means and how that impacts you differs depending on your situation.
Richard E. Fowlks, Attorney at Law, has 40 years of experience protecting the rights of his clients and ensuring their fair share of the property they built. We have compiled this guide to educate you on the basics of marital property division.
Understanding Equitable Division
Simply put, all property acquired by a couple after they were married is marital property. This includes your residence, your car and vacation homes. It can also include artwork, bank accounts and other financial assets. If it was acquired before the marriage, however, it is considered separate property.
Oregon applies equitable division to divorce cases. This means the entire sum of your marital property is divided according to what is fair. That does leave some flexibility in how the lines are divided but that flexibility can also work against one side or the other, since it is not an equal standard. Finding the fairest division of the marital estate is an integral aspect in your property division case.
However, separate property acquired before the marriage can still be claimed by the sole owner. If you were the beneficiary of an inheritance while you were married, it is likely to be considered separate property as well.
Owning A Business
If you or your spouse started a business during the marriage, then it can be considered a marital asset. Businesses are complex and discerning exactly how to divide a company can be challenging. Our lawyers will assist you in finding the most equitable division possible and discussing all of your options with you.
We Will Protect Your Rights To Property
As a lawyer with 40 years of experience, there is no property division question that Richard Fowlks has not handled. To demonstrate our commitment to getting you your fair share, we offer a reduced rate for initial consultations. There are no strings attached and no time limit so we can answer all your questions. Contact us by calling our Portland office at 503-505-7941 or 888-779-8837,or by emailing us.
We serve clients in Portland and the tri-county area.