The process of going through a divorce can be a very stressful and often overwhelming transition. Along with the emotional burden you may endure, you will also have to worry about how marital property and assets will be distributed. Here is what you need to know about division of assets in Oklahoma.
Division of Assets in Oklahoma | What is Considered Marital Property?
Oklahoma is considered an Equitable Distribution state, which means assets are divided equitably, or fairly, following a divorce. One of the most common misconceptions surrounding division of assets is that it will always be a 50-50 split. Equitable does not necessarily mean equal, and it is important to consult with an experienced Stillwater division of assets lawyer to sort out any complications that may arise.
Marital property refers to any assets or debts that were accumulated over the course of the marriage. This can include joint property such as stocks, bonds, credit card debts, and bank accounts, along with physical property such as homes and vehicles. Anything that was acquired by a spouse prior to marriage does not qualify as marital property and is therefore considered separately owned. Likewise, any property a spouse receives via gift or inheritance is also classified as separate.
Division of Assets in Oklahoma | Factors that Determine Division of Assets
If the two spouses are unable to reach an agreement as to how marital property will be divided, the issue will be settled in court. There are a variety of factors that the court will consider when distributing assets, and it is up to their discretion as to how the assets will be divided equitably.
The court will examine each spouse’s contributions to the marriage, along with the circumstances each will face after the divorce. Important factors that Oklahoma courts will consider include the length of the marriage, health and age of the respective spouses, earning potential, and any prenuptial agreements.
Division of property can go in any direction, with many variables. For instance, if one spouse has a lower income than the other, the courts may award more marital property in their favor due to financial circumstances. On the other hand, it could be determined that the lower-income spouse “earned” less of the marital property. Ultimately, the courts will base their ruling off what is fair, or equitable, and divide the assets accordingly.
Division of Assets in Oklahoma | Hiring an Experienced Attorney
Because the laws surrounding division of marital assets in Oklahoma can be difficult to understand, it will be hard to come up with an agreeable solution without the assistance of an outside party. Reaching out to an experienced Stillwater division of assets lawyer is your best bet to sort out any intricacies and questions you might have. Please contact our offices today for a free consultation.