It is very common for couples to own property prior to marriage, but continue to maintain the property during the marriage while keeping it part of your separate property. The issue arises when community funds are used to maintain the property — suddenly the issue becomes whether the property is still considered separate property or whether the community owes the property now, and if its subject for reimbursement of separate property in Oklahoma.
Here we’ll discuss typical treatment of separate property during the marriage, how to keep the property classified as separate property, and what to do if community funds are used for maintenance, or equity building.
Maintaining Separate Property Assets
If your great uncle or grandmother decided to gift their great nieces or nephews or their grandchild stock options prior to the death, in what is considered a “gift,” then this is considered separate property as it applies to assets acquired during the marriage.
What a Tulsa divorce attorney will advise is to make sure you keep this asset separate property, if that is your wish, by following a few steps.
- Keep the property in your name alone.
- Put stock or money in an account with your name only.
- Do not attempt to manage the property, your skill and effort is marital property.
- Put the property or money in a long-term investment account, this way you do not have to manage the property and the interest is your separate property as well.
- Create as much evidence as possible to prove this is your separate property, the burden of proof lies on you to prove that it isn’t owned by the community.
Marital Property Contributing to Separate Property
It is very common for most couples to not know how the separate and marital property system works. As a result, commingling of funds and contributions of community property to separate property can not only muddy the waters, but cause each spouse to go on the attack seeking reimbursement of separate property.
If you have a home that was inherited by a relative, or gifted to your spouse during the marriage, and you contributed to the maintenance, mortgage payment, or any other repairs, you are usually entitled to reimbursement of separate property.
The court will generally use an expert property appraiser to assess the value of the home at the time that the separate property became marital property (when the other spouse started contributing to the previous separate property) and the value of the home upon the filing of the divorce papers.
The difference in the increased equity belongs to the community, and the spouse will be subject to reimbursement of separate property by awarding half of the increased equity. Because the other spouse paid the mortgage, or you used your income (marital property) to pay the mortgage, it is only fair for the community to receive an interest in the property.
Initial Consultation with a Tulsa Divorce Attorney
Having a divorce attorney that is highly skilled will ensure that your assets are properly distributed. If you are concerned that your spouse may not be fully disclosing separate property or contributions to the separate property, you need a Tulsa divorce attorney to make sure you are awarded everything you are entitled to.
Hiring a knowledgeable divorce attorney will ensure the process is expertly conducted and your interests are well represented.
Contact an experienced Tulsa divorce attorney when you need to go through the Oklahoma relocation process.
For a low-cost confidential consultation, call now: (918) 924-5526.