Marital assets that shouldn’t be overlooked

On Behalf of | Aug 12, 2021 | Family Law | 0 comments

Oregon is an equitable division state, which means that you’re entitled to roughly half of the marital estate in a final settlement. Assets typically include a joint bank account, a family home, and any retirement accounts that were established after the marriage became official. However, there may be a litany of other items that you may be entitled to if you don’t forget to ask for them.

Capital loss carryovers may be worth thousands of dollars

If you sell an asset for less than it’s worth, you have incurred a capital loss. A capital loss can be used to offset any income that you generate in a given tax year. However, the federal government only allows you to apply up to $3,000 in capital losses on any given tax return. Losses exceeding $3,000 can typically be used to offset income in future years. Any unclaimed capital losses may be considered a marital asset that is subject to property division laws.

Were loans made using marital funds?

Loans made to friends, family members, or other parties using joint funds are typically considered to be marital assets. Therefore, you may be entitled to a portion of any principal and interest payments that are made during the loan’s term even if they occur after the marriage ends.

Who keeps the family pet?

It’s important to note that pets are considered by law to be the property of the marital estate. However, the law may choose to enforce the terms of a pet custody agreement that is reached during settlement talks. A family law attorney may provide more insight into the factors used to determine the exact structure of such an agreement.

You may want to consider hiring a lawyer if you are planning to get a divorce soon. He or she may negotiate a favorable settlement that may include alimony payments and a significant share of marital property. If settlement talks are unsuccessful, an attorney may represent your interests in court.