Since half of all marriages end in divorce, it is crucial you enter a marriage with a plan to protect your property should the relationship go awry. However, since there are many complexities involved when a couple divorces, make sure you work with Oregon divorce attorneys who know how to protect your rights and property each step of the way, such as Goodfellow Law.
What Property Can be Protected?
When deciding which property can be protected, it comes down to what the law considers to be community property, meaning that which is jointly-owned by you and your spouse, and that property which is considered to be owned only by yourself. Generally, examples of property that can be protected include gifts and inheritances, personal injury awards, and businesses you owned prior to the marriage. If you need a divorce attorney McMinnville Oregon residents trust to help with complex divorce proceedings, schedule a consultation as soon as possible.
How Can a Prenuptial Agreement Help?
Since a prenuptial agreement is a legal document that can clearly spell out which types of property will be protected in the event of a divorce, it can make the process much easier. As for the types of property a prenuptial agreement can help protect, these include retirement funds, ownership rights to a business, financial accounts of each spouse, and inheritances. In addition, a prenup can also protect you against obligations to pay your spouse’s debts, which can be crucial in the midst of a divorce.
How is Property Divided?
When determining how property is to be divided, the court will often look not only at what spouses own jointly or independently, but also how it will be possible for each spouse to maintain a reasonable standard of living.
To ensure you have excellent legal representation, hire an Oregon divorce lawyer from Goodfellow Law as soon as possible.