by Jaye Taylor
Shareholder and Attorney at Buckley Law P.C.
If you are going through a divorce in Oregon, you should take the time to understand what equitable distribution means. This legal theory determines how marital property is divided in the state, and therefore it is key to being able to predict the assets that will be assigned to you when the divorce is finalized.
Before going through the process of dividing assets, all assets will need to be categorized as marital or non-marital property. Marital property includes any type of property or debt that you acquired during the marriage. All of these assets will be considered marital property, with the exception of inheritances and gifts given to one spouse. If property was acquired by one spouse before the marriage, it will be categorized as non-marital property, and it will not be subject to division.
What factors are used to determine the process of equitable distribution?
Equitable distribution is the process of dividing all marital property in a way that is seen to be fair and just based on the situation. The divorcing spouse will have the opportunity to come to an agreement on their own terms, however if they cannot come to an agreement, the process of dividing the assets will be the job of the courts.
When dividing the assets, the needs of the children will be considered, as well as any medical bills and predicted financial challenges for either spouse. The contribution that each spouse made in the marriage will also be evaluated.
If you want to understand how marital assets will likely be divided in your divorce, it is important to look further into the law.
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.