It can be difficult, if not impossible, to predict what the future will hold. Over the years, many individuals in Oregon and across the country have reached a point in life, whether gradually or suddenly, where change is necessary. One of the more stressful and intimidating changes a person might face is the end of a marriage. Divorce can be challenging both emotionally and financially, but the latter may be less burdensome if certain precautions are in place.
One aspect of divorce that is often a highly debated topic is property division. During this process, assets will be split between the couple that has decided to part ways. There are, however, numerous factors that can influence exactly how assets will be divided. For example, if a properly executed prenuptial agreement is in place, it may dictate who will gain possession of each asset listed in the agreement.
Another factor to consider is the type of property involved, such as marital or separate property. If a person is in possession of an inheritance, he or she may retain possession of it following divorce, provided it was not mixed with marital assets in any way. Trusts and/or inheritances are considered separate property in many states, and thus are not included in the process of property division.
Individuals who have concerns regarding the various aspects of divorce often choose to seek legal counsel for guidance and advice for the road ahead. A family law attorney can inform a client of any laws in Oregon that may apply to his or her current situation. Using this information, an attorney can subsequently assist him or her in pursuing a fair and equitable portion during divorce proceedings, which may prove beneficial to securing a more favorable financial future.
Source: wtop.com, "How to protect inheritances for future generations", Nina Mitchell, April 19, 2017