Introduction
Divorce proceedings often bring about the question of whether one can retain the family home. This question holds immense emotional significance for both partners, as the family home serves as the centerpiece of their shared life. In Oregon, determining the fate of the family home can prove to be a complex matter. This article delves into the various factors that come into play when deciding whether one can keep the family home in an Oregon divorce.
Understanding Property Division in Oregon
Oregon operates under an "equitable distribution" approach, where marital property is divided fairly among spouses. Marital property includes assets acquired during the marriage, with certain exceptions. Consequently, the family home, which typically falls under marital property, will be subjected to division according to Oregon’s equitable distribution laws.
Factors That Determine Who Keeps The Family Home
In Oregon, the courts take numerous factors into account when determining whether to award the family home to one spouse or to sell it and distribute the proceeds between both parties. These factors include the following:
Financial situation
The financial circumstances of both spouses emerge as crucial factors in determining the recipient of the family home. The court considers whether either spouse, or even both, can afford to maintain the home after the divorce and fulfill other financial obligations without facing undue strain.
Custody arrangements
In cases involving children, custody arrangements significantly influence the decision regarding the family home. The court prioritizes stability for the children during the divorce process. Therefore, if the custodial parent wishes to remain in the family home, the court acknowledges this consideration.
Agreements between spouses
If spouses can reach a mutual agreement regarding the allocation of the family home, the court honors their decision. Such an agreement must be in writing and signed before being submitted to the court.
Contributions to the family home
If one spouse made substantial contributions to the family home, the court may award them the property. For instance, if a spouse invested a significant portion of their income into home improvements, the court may decide to grant them the home as a form of compensation for their contribution.
Options for Keeping the Family Home
Should the court award you the family home, there are various options available to retain it. The most common options include:
Buying out the other spouse
One way to retain the family home involves buying out the other spouse. This entails paying them a lump sum of money equal to their equity in the property.
Refinancing
If you are unable to generate the required lump sum, another option is to refinance the mortgage. By obtaining a new loan, you can pay off the existing mortgage and secure funds to buy out the other spouse’s share.
Conclusion
Determining the fate of the family home holds significant weight in divorce proceedings, particularly in Oregon. If you find yourself contemplating divorce, it is essential to seek the guidance of a knowledgeable family law attorney. A competent lawyer can assist you in navigating the complexities of the legal system and making informed decisions that optimize your chances of achieving the most favorable outcome.