How Assets Are Divided in an Oklahoma Divorce
How Assets Are Divided in an Oklahoma Divorce
Going through a divorce can be one of the most challenging times of your life. However, understanding the process and how it will affect your situation can help you navigate it better and feel like you have more control over what is going on around you.
Oklahoma is an “equitable distribution” state. That means that assets may not be divided in half, but they are divided as fairly as possible. However, only marital property is divided. Any property that you hold by yourself is not subjected to equitable distribution.
Separate Property and Marital Property
As a rule, any property that you acquire during the marriage is considered marital property. However, there are a few exceptions.
Separate property includes any property that just one person brought into the marriage. If, for example, one spouse owned a commercial building before the marriage, that commercial building would still be considered separate property. A court would not include it in the division of assets.
Additional separate property might include:
- Gifts from someone else to just one spouse
- Inheritance from someone else to just one spouse
- Legal settlements to just one spouse
This property is considered “separate,” even if one spouse acquired it during the marriage.
Equitable Division of Property
Equitable division includes a “fair” division of marital property between the two spouses. Fair does not necessarily mean equal, but it can be equal as well.
The Court will consider a variety of factors to determine what a fair division should be. Examples of these factors might be:
- Whether both spouses work outside the home
- The value of the assets involved
- How each spouse contributed to the marriage
- Which spouse has legal or physical custody of the children
- The amount of debt that each spouse will be assigned to pay
- Duration of the marriage
- Earning potential (experience, education, etc.)
- Age and health of each spouse
- Any adverse behavior by one spouse (affairs, debt, violence, squandering money, etc.)
Every situation is different, which means that every division of property will be different.
If you want to ensure that you are getting your fair share in an Oklahoma divorce, Owens Law Office can help. Contact us today to set up an appointment.