If you are going through a divorce in Oklahoma, you will have to know how marital debts are divided. Just like dividing marital assets, debts are equitably distributed. There are plenty of different factors that the courts take into account when determining the payments that each spouse is responsible for. Contact our experienced Stillwater division of assets lawyers today to schedule a free consultation and get a better understanding of family law in Oklahoma.
How Marital Debts are Divided | Factors
Just like with the division of assets, courts must first decide whether the debt is marital or separate before its division. After classifying the debt as marital or separate, courts then generally distribute it in the same manner as they do the parties’ assets.
In determining the debt division, courts generally look to which party incurred the debt, the purpose for which the debt was incurred, which party benefited from the debt, and which party is best able to repay the debt. Typically, debts that were incurred by a party prior to the marriage are classified as separate property and stay with the party who incurred the debt. When it comes to secured debt acquired during the marriage, such as a loan for a car or boat, courts generally hold that the party receiving the asset receives the debt.
How Marital Debts are Divided | Contact Our Office
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 with a proven track record of cooperation and reaching peaceful settlements is your best bet to sort out any intricacies and questions you might have. Please contact our offices today for a free consultation.
