Buckley Law P.C.
Call Today
503-567-7853

Consider taking these steps to protect your assets during divorce

wallet-2668549.jpg

by Jaye Taylor
Shareholder and Attorney at Buckley Law P.C.

When starting the process of a divorce, you have to come to terms with the fact that while you and your spouse used to be a team, you now have to split every part that once connected you. In some situations, this may feel like a feisty battle, but for some spouses, they are able to work amicably through this process.

One part of a divorce that can be particularly complex is the process of asset division. It is important that you understand how asset division works in the state of Oregon if you are approaching a divorce. This is because organization and preparation are vital for a reasonable, cost effective outcome.

Key steps to take when preparing for asset division

Firstly, it's best to do what you can as soon as possible to keep assets separate. For example, you may want to close joint bank accounts and credit card accounts as soon as you know that divorce is a certainty. It is usually best to take half of each bank account and leave the other half for your spouse. Deposit your paychecks into your new account, and be prepared to transfer some money into the old "joint account" as needed to cover family expenses and autopays. Talk to your attorney about timing and whether to tell your spouse before closing an account.

If you are worried about a credit card being abused by your divorcing spouse before it becomes separated, you can write to the lender and tell them you are getting divorces and you will no longer be responsible for the other spouse's charges. You can also have a legal professional write a formal agreement to limit reckless behavior such as this. This can get complicated, so talk to your attorney before you cancel credit cards.

You should also make sure that you have control by having access to a copy of all financial documents. This can help you have a full overview of the situation and keep track of any changes.

Keeping an amicable relationship with your divorcing spouse is not always possible, but it is always best to try to work together to reach an equitable compromise.

Jaye Wickham Taylor is an attorney and Shareholder at Buckley Law P.C. and focuses her practice on family law litigation. Jaye Taylor has successfully litigated some of the most challenging and emotionally charged family law cases in the state, involving custody of children to fathers, severe parental alienation and abduction, allegations of domestic violence and international move-away cases.

Specialties: Custody, Support, division of assets and debts, modifications, elder abuse, will contests, adoptions, domestic violence, domestic partnerships, prenups.

The information contained in this article is for informational purposes only and does not constitute legal advice. You should not act upon any information contained in this article without consulting an attorney for individual advice regarding your own situation. 

No Comments

Leave a comment
Comment Information

Buckley Law P.C. | 5300 Meadows Road, Suite 200 | Lake Oswego, OR 97035 |Phone : 503-567-7853 | Map & Directions