When an Oregon couple decides to call their marriage quits, how their marital assets are divided up during the divorce process will be highly dependent on the specific state laws regarding the division of assets. As you get ready to go through a divorce, it’s important to understand what these laws are so that you know what you’re likely to walk away with.
What is equitable distribution?
The state of Oregon uses the equitable distribution tactic for dividing up property assets during a divorce. Many people get this confused, thinking that everything from the marriage will be split 50/50. Family law defines equitable distribution as dividing the property in a fair manner so that both parties leave the divorce in a financially stable position. This basically means that marital assets may not be distributed in a 50/50 manner; one spouse may receive more assets than another.
What factors are taken into consideration?
When a judge works to separate the assets of a married couple in Oregon, they will take multiple factors into consideration. The first factor they’ll consider is each spouse’s actual share of the marital property contributed during the marriage. They will look at each spouse’s monetary contribution and the economic circumstances of each spouse. The conduct of each spouse throughout the marriage will also be taken into consideration. After a judge looks at all of these factors, they will distribute the marital property in an equitable fashion.
Living in an equitable distribution state means that your marital assets are not likely to be split 50/50 down the middle. Rather, a judge will split up all of the marital assets in a manner that they consider fair for your individual circumstances. If you wish to avoid going to court and having a judge make these decisions, you may want to have an attorney help you and your spouse negotiate a fair split of your property.