Divorce can bring out people’s worst qualities, especially when financial assets and property are at stake. The marital home often holds significant emotional value, especially when children are involved. Of course, this adds to friction and can cause disputes over the family home in Oregon. Numerous factors will determine who ends up with the home or other property after divorce.
Who gets the home?
Unless there is a court order to the contrary, both spouses can choose to remain in the home during the divorce. However, this can lead to arguments, intimidation and even physical altercations if the divorce is volatile. The court may grant a temporary relief order giving one spouse exclusive use of the marital home until the divorce is finalized.
The deed
A common misconception is that sole ownership of the marital home is determined by whose name is on the real estate deed. The judge has the authority to consider many assets, including the marital home, as marital property. During divorce proceedings, the value of these assets is divided regardless of whose name is on the mortgage.
Even if only one party paid the mortgage, it is presumed that both parties equally contributed to acquiring the property. Thus, even if one spouse didn’t contribute financially to the mortgage, they are still considered to have contributed to the marriage. While the state may not follow community property laws, it does recognize marital assets.
Buying the other party out
One party can buy out the other if they wish to retain ownership of the home. This can be achieved through refinancing the home in their name only and using some of the equity to compensate the other party. They can also use personal funds to buy out their ex-spouse and retain sole ownership of the home.
Moving forward
Disputes over property can prolong the divorce process, but reaching an agreement on property division can significantly expedite proceedings. This enables both parties to move forward with their lives more smoothly.
