When a couple decides to end their marriage, one of the most challenging questions that arises is who gets to retain ownership of the family home. This issue can be emotionally charged since the home often holds sentimental value for both spouses. However, in Oregon, the division of assets is guided by the principle of equitable distribution, which means that marital property, including the family home, is divided fairly, though not necessarily equally, between the spouses.
The Distinction Between Marital Property and Separate Property
Before determining who will get to keep the family home during an Oregon divorce, it is crucial to understand the difference between marital property and separate property. Marital property encompasses assets obtained during the marriage, such as the family home, furnishings, and other joint acquisitions. On the other hand, separate property refers to assets owned by one spouse before the marriage or inherited during the marriage.
Under Oregon law, marital property is subject to equitable division during divorce proceedings, while separate property remains the exclusive possession of the spouse who owns it.
Factors Considered in the Determination of Homeownership
Several factors come into play when determining who gets to retain ownership of the family home in an Oregon divorce. These factors include the following:
Consideration of Children
If the couple has children, the court gives priority to their best interests when making decisions regarding the family home. Since stability and continuity are fundamental for children during and after a divorce, the court takes these factors into account.
Evaluation of Income and Financial Capability
The court also assesses the income and financial capacity of each spouse when determining who gets to keep the family home. If one spouse earns significantly more than the other, they may be in a better position to handle the costs associated with the mortgage, maintenance, and upkeep of the home.
Recognition of Contributions to the Marriage
Each spouse’s contributions to the marriage are also taken into consideration by the court. This includes both financial and non-financial contributions, such as domestic work, child-rearing, and support provided to each other professionally or emotionally.
Duration of the Marriage
The length of the marriage also plays a role in deciding who gets to keep the family home. If the couple has been married for an extended period, their ties to the home and the neighborhood may be stronger, making a case for the home to remain with one spouse.
Potential Outcomes
In Oregon, there are three possible outcomes regarding the family home in a divorce:
Sale of the Home and Equitable Division of Proceeds
The couple can opt to sell the home and divide the proceeds fairly. The court assesses the value of the home, considers any outstanding mortgages, and determines how to divide the proceeds based on factors such as income, duration of the marriage, and contributions made.
One Spouse Buys Out the Other
Another option is for one spouse to buy out the other’s share of the family home. The spouse who desires to retain ownership will need to secure financing to compensate their partner and assume full ownership of the property.
Shared Usage of the Home
Lastly, the couple may choose to share time living in the family home. However, this option is generally discouraged due to the potential lack of stability and potential harm it can cause to the emotional well-being of minor children.
Conclusion
Determining who gets to keep the family home during an Oregon divorce can be a complex process since various factors come into play. However, with the assistance of a knowledgeable family law attorney, spouses can collaborate to find the most suitable outcome for their situation. Ultimately, either party has the potential to retain the family home, provided it aligns with the equitable distribution of assets.