One of the most contentious aspects of divorce outside of child custody issues is the division of property and liabilities in an Oklahoma divorce. Property that belonged to each party before the marriage is usually treated as separate property.
However, most property acquired during the marriage is called marital property and belongs to the couple jointly. That property must be divided.
Typical Marital Property
All marital property must be divided. Typical marital property usually includes things like the house, furniture, personal items, retirement accounts, stocks and bonds, money in bank accounts, collections, boats, cars, and vacation property.
How Courts Handle Division Of Property
Oklahoma is a state that focuses on dividing marital property in a way that is equitable between divorcing spouses. Equitable does not always mean equal. Instead, the court will look at what each party contributed to the marriage, what each party needs, and what would be fair.
For example, the largest asset most families own is the family home. If there are no children or other mitigating factors, a couple may sell the house. Then, the proceeds after satisfying the mortgage may be split 50-50 or in any other fashion the court deems fair.
However, if there are children of the marriage, the court may decide it would be in the children’s best interests not to sell the house immediately. If the children will live most of the time with one of the spouses, the court may wish to allow that spouse to maintain the family home. This spouse may take the family home while the other spouse takes most of the other assets.
Again, this division may not be a 50-50 split, but it will be just and reasonable. Or one of the spouses may “buy out” the other spouse. This may mean by a division of the property in kind or by setting the property aside for one the spouses in exchange for a payment from the other spouse. Okla. Stat. tit. 43 § 121
Retirement Accounts
Retirement accounts are another asset that is frequently subject to division.
Let’s say one spouse stays home and raises the children while the other spouse works. After 15 years of marriage, the couple divorces. The spouse who stays home has no separate retirement account.
The court is likely to divide the one retirement account between the spouses. Again, it may not be a 50-50 split, but it will be just and reasonable.
Divorcing Couples Maintain More Control When They Decide The Division Of Property
The division of property is part of the Settlement Agreement between divorcing spouses. When couples are able to agree on the division of property, they maintain greater control over their divorce. If the judge finds that the agreement is reasonable, the judge will agree with the proposed Settlement Agreement, which becomes part of the divorce decree in Oklahoma.
When they are unable to agree, the court will divide the assets for the couple.
A Prenuptial Agreement May Change Everything
Valid prenuptial agreements change how property is divided at divorce. One of the main reasons couples enter into prenuptial agreements is to have more control over how property is divided should the couple divorce. This can feel empowering to the spouses at a time when so much of their lives is changing. If the prenup is valid, the court will make the division according to the terms of the terms of the agreement.
The division of property is one of the most complex and important aspects of divorce. The effects of this marital settlement will affect both parties for years to come. It is imperative that when divorcing, you seek the help of a Tulsa divorce attorney to help ensure the court understands all the assets and needs of the parties involved.
Initial Consultation With A Tulsa Divorce Lawyer
The divorce process is what you make it — the higher the conflict, the more expensive your case becomes. Hiring a skilled and experienced Tulsa divorce attorney ensures your rights are protected and explains all necessary and unnecessary steps in the process.
Contact an experienced Tulsa divorce lawyer when you need to go through the Oklahoma divorce process.
For a initial, confidential consultation, call 918-924-5526 now.