What you need to know about Property Division
Property Division Guide
When you and your partner have decided that divorce is the best option for your marriage, you need to make many important decisions. In addition to the actual process of divorcing your spouse, you need to consider division of assets and the future income you both will need for a comfortable lifestyle.
Oregon is an “equitable distribution” state, meaning that in a divorce, the court will allocate, but not necessarily evenly allocate, property between the two spouses in an equitable and fair manner. This can lead to complexities based on the unique set of circumstances of each case. Washington uses community property principles to divide property and debts in the divorce process. Additionally, in both states, there are residence requirements that must be met and other factors that may affect how documents are prepared and presented to the court.
High Asset Divorce Cases
High Asset Divorce Cases: There’s no question that cases with large assets bring complexities and challenges of a different sort. Our divorce attorneys have extensive experience representing individuals who are medical, legal and tax professionals; executives; business owners; and/or those who have acquired wealth through family succession planning. High-asset divorce cases often include multiple bank accounts, stock portfolios, businesses, and real properties, both in the couple’s home jurisdiction or elsewhere. Determining accurate values for the entire asset portfolio requires great experience and skill.
Understanding the true value and scope of your property in divorce is paramount to achieving a fair division of assets between you and your spouse. The value of certain assets may be simple to determine, while other assets require value appraisals or input from certified accountants or other experts. The attorneys at McKean Smith take the necessary steps to prove the value of your property to properly prepare for negotiations in mediation or arbitration, or for presentation to the court.
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