Dividing Your Assets and Property
Are you having issues with dividing your assets and property after a divorce? Contact our experienced Stillwater divorce lawyers today to schedule a free consultation. We will ensure you reach a fair and agreeable settlement.
Dividing Your Assets and Property | Equitable Distribution
Oklahoma follows the law of equitable distribution. What that means is that your assets that you have before the marriage will not be considered marital property and therefore will belong to you after the divorce. Also, do not misinterpret equitable for equal distribution. You probably will not be splitting your assets straight down the middle. Most of the time, one spouse will have more than another in assets and you will be entitled to an equitable portion of them. Equitable means “fair” and sometimes 50/50 is not fair to one party. The fine details will be hammered out with your attorney.
Dividing Your Assets and Property | Spousal Support
Alimony may be granted for many divorcing couples. If you were married for a long time, that has a huge impact on whether or not you will have to pay/receive alimony payments. Alimony most likely will not be needed for a very short marriage. If you ask the court for alimony, and they decide that the request is reasonable, you may also be granted alimony. It can either be temporary or permanent payments.
Alimony payments may cease if the spouse that is receiving payments either dies or remarries. They may also be modified if the spouse receiving payments moves in with someone. Also, modifications may be made if there are significant changes in circumstances made in either party’s life. Everything about the alimony payments will be decided by the court. The payments could be monthly installments, or they might be a lump sum. All of this will vary case-by-case and depends on the specifics of your divorce.
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