Equitable Division of Property
A question I am faced with frequently is "What can I expect to get from my divorce if all the property is in my spouse's name?" Many potential divorcees do not understand the concept of equitable division of property. In Oregon, all property acquired during the marriage is divided equitably between the parties. This means that if the couple purchased a home after they married, the house, or the equity in the house if it is not paid off, is divided fairly between the parties. This also means that all debts acquired during the marriage are equally divided.
This can look different in every situation. If keeping certain assets are not important goals to you, we can explore other options regarding division of assets and debts. New divorcees may decide that one party gets the entirety of the property, but also the entirety of the debts. Some parties decide that one party will keep the family home in exchange for a payment to the other party to represent their share of the equity in the home. There are many options regarding division of assets, but the important take-away is that the "official" owner of the property, listed on the deed or title, is irrelevant to marital property distribution, and you are entitled to an equal portion of the marital property.