Vehicles and Household Goods in Oregon Divorce Mediation
Vehicles and Household Goods in Oregon Divorce Mediation: The Short Version
In an Oregon divorce, vehicles, like almost all other divorce transfers, can be transferred without any tax consequences to either party. Your options are:
- If it is financed jointly and owned jointly, it can be refinanced in one party's name. The other party can be removed from the loan and the title, receiving equal value of an offsetting asset.
- If it is financed individually and owned individually, the same option is available, just without needing to remove the non-owner.
- The vehicle can be sold, with the profits divided equally or assigned as part of the overall division of marital assets.
The division of vehicles is usually fairly straightforward. However, there are strategies to keep in mind to streamline the process, ensure fair valuation, and ensure that the transfer has no complications.
Valuation of Vehicles and Household Goods
- The value of personal property and particularly vehicles can fluctuate (usually downward).
- Choosing a valuation date is important to establish the value of the vehicle or other property, as well as its associated loan balance, if any, as of that date.
- Personal properly is usually not individually itemized unless there will be an interim period after the divorce before one party can take possession of particular items.
- Personal property is usually transferred before or shortly after the divorce.
- If both parties agree, one party can hold property for the other party for some period, and the transfer can take place at a mutually-acceptable date, documented in the Marital Settlement Agreement.
Discovery for Vehicles and Household Goods
- Each vehicle will be designated as the individual post-divorce property of one party or the other.
- Vehicles are specifically enumerated and documented.
- For vehicles, you will need to provide the VIN and the information about the lender and outstanding balance of any loan secured by the vehicle.
- Typically, no discovery is needed for household goods, aside from an inventory of any goods that are in dispute.