Bank Accounts
The division of checking accounts and savings accounts in an Oregon divorce is relatively straightforward. To prepare for divorce mediation, please have the most current bank statement for each of your individual, joint, or business checking accounts and savings accounts ready to provide to Matthew if he rquests them. In some cases, it may be necessary to provide statements covering a longer period than the current month.
Most checking accounts and savings accounts are handled simply. However, please refrain from changing anything about the ownership or active status of the accounts until after you are in mediation and have agreed with the other spouse to take those actions. Matthew may also alert you to potential problems related to aspects of your particular circumstances that could affect how you choose to handle the accounts.
The balance on the statements is usually accurate for purposes of mediation, unless there have been very recent changes or there will be significant deposits or withdrawals in the near future.
If there is a reserve line connected to the account (a line of credit or an overdraft protection line), its balance must be considered in the mediation-ready valuation of the account.
Taxes are usually negligible with a checking account or savings account. Any interest income is taxed as a dividend, which is treated as regular income.
Most checking accounts and savings accounts are handled simply. However, please refrain from changing anything about the ownership or active status of the accounts until after you are in mediation and have agreed with the other spouse to take those actions. Matthew may also alert you to potential problems related to aspects of your particular circumstances that could affect how you choose to handle the accounts.
The balance on the statements is usually accurate for purposes of mediation, unless there have been very recent changes or there will be significant deposits or withdrawals in the near future.
If there is a reserve line connected to the account (a line of credit or an overdraft protection line), its balance must be considered in the mediation-ready valuation of the account.
Taxes are usually negligible with a checking account or savings account. Any interest income is taxed as a dividend, which is treated as regular income.