Overview
Going through a divorce is undoubtedly a challenging and emotionally draining ordeal. It becomes even more complicated when you and your spouse have joint accounts. If you’re living in Oregon and wondering about the possibility of getting a divorce despite having shared accounts, this article will provide you with valuable information to navigate the process.
Joint Accounts: Adding Complexity
Joint accounts encompass a wide range of financial entities, including bank accounts, credit cards, mortgages, and other shared accounts between two or more individuals. During a divorce, these accounts can become a source of tension and add further complications to an already delicate situation.
Oregon Law: Marital Property
In the state of Oregon, any property acquired during the duration of the marriage is generally classified as "marital property" and is typically divided equitably in a divorce settlement. This includes jointly held accounts and assets.
Dividing Joint Accounts: Not Always Equal
It’s important to understand that the existence of joint accounts does not automatically guarantee equal division in a divorce. When determining the division of these accounts, the court evaluates various factors such as the income of both spouses, the contributions made by each spouse to the joint account, and any agreements reached between them prior to the divorce.
Informed Consent: The Key to Division
Before any division of joint accounts can occur, both parties must provide "informed consent." In other words, both spouses must agree on how the joint accounts will be divided, or they must grant the court the authority to make the decision on their behalf.
The Importance of Legal Assistance
If you find yourself contemplating a divorce that involves joint accounts, it is crucial to seek the guidance of a knowledgeable divorce attorney in Oregon. Their expertise and experience can prove invaluable in navigating this intricate process, ensuring the protection of your assets, and facilitating a fair and equitable division.
Conclusion
In Oregon, the presence of joint accounts does not impede the ability to obtain a divorce. However, dividing these accounts can be a complex and emotionally charged undertaking. To safeguard your rights and interests throughout the divorce proceedings, it is highly recommended that you seek the assistance of a qualified attorney specializing in Oregon divorce law. By doing so, you will be able to navigate the process more seamlessly and ensure a fair resolution of your joint accounts.