Asset and Property Division
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Know Your Options During Property Division
At first glance, dividing up the assets of a home before a divorce court might seem easy. After all, you’ve got your stuff, and your former partner has theirs right? Well, not always. The fact is, ending a marriage and dividing your assets can be a complicated process. When it comes to property like homes, cars, pets, and even things like bank accounts and investments, it can be hard to figure out who gets what and why.
In moments like this, it’s important to work with a trusted family attorney to ensure that an amicable agreement is reached that benefits both parties as much as possible. When you’re facing the difficult task of asset division, it’s time to contact the attorneys at the Donahue Law Firm, LLC, Bend’s first choice for legal counsel.
What Courts Consider While Dividing Your Assets
- Each spouse’s contribution to the marriage.
- The economic circumstances of each spouse.
- How long the marriage lasted.
- The value of separate property received by each spouse during the marriage.
- If any assets were liquidated during the marriage.
- The final valuation of the property.
Don’t Let the Stress of Divorce Cloud Your Judgement
The process of divorce is already complicated and stressful enough, and dividing your property and accumulated debts at the same time can only put more strain on you, your former partner, and your family. Rather than guessing and getting only a portion of what you rightfully deserve, it’s in the best interest of both parties to work with a qualified family attorney.
Our law firm in Bend understands that dividing assets and property can cause frustration and tension during an already tense period. Our family attorneys will handle the minutia and nuance of the division, as well as your other divorce and legal separation needs.
Marital Property and Debt
Over the course of your marriage, you and your partner undoubtedly have made purchases and investments. During your marriage, and property you acquired, whether it’s a tangible asset or debt, is considered marital property and debt. Whether the property or debt is in joint ownership or only in one name, it’s still considered marital property. Common examples of marital property include:
- Houses or real estate purchased during the course of the marriage.
- Financial holdings, including bank accounts, mutual funds, stocks.
- Any companies or businesses.
- Vehicles, including cars, planes, boats, and others.
- Pension benefits, retirement accounts, and health savings.
- Any separate property or investments that have increased in value during the course of the marriage.
It’s often easier to define what’s considered to be separate property than marital property.
In general, any property you owned before the marriage is considered separate as long as the title or claim remained solely in your name during the marriage. Separate property also includes things like gifts, inheritances, and interest in a trust that you may have collected or received while in your marriage. In some cases, if your separate property increases in value during your marriage, that increased value may be considered marital property and could be divided by the court. Frequent examples of separate property that could be viewed as marital include:
- A cash inheritance that was placed into an investment account that increased in value during the marriage.
- A home that was purchased by one party before the marriage and increased in value.
- A home that was purchased before the marriage, but the spouse helped to pay the mortgage of the home.
- A bank account held before the marriage, but which the spouse made deposits into during the marriage.
- Any asset that was purchased before the marriage, and the spouse was later added to the title.
Dividing Your Marital Property
In the event that you and your former spouse cannot come to an agreement on how to divide your marital property and debt, the court that’s managing your divorce or separation will be given the authority to do so for you. This may not always benefit you, so working with a family attorney can help you get your fair share of the assets. In dividing your assets, the court and your attorney will consider factors like:
- The value of the property.
- The contribution each spouse made to the property.
- The economic standing of each partner at the time of the division.
- The decreases and increases in the value of the property during the course of the marriage.
Once the attorney and court have made distinctions between what’s considered separate and marital property, a monetary value is assigned to each asset and an equitable distribution is made.
Schedule a Consultation with Donahue Law Today
At the Donahue Law Firm, our family attorneys recognize that you worked hard during the course of your marriage and you deserve an equitable settlement of your marital property. When you’re struggling to divide your assets and property, contact our attorneys and ask to set up a consultation. You can rest easy knowing we’ll fight for you to ensure a fair and equitable distribution of your property.
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