One of the most challenging aspects of divorce is trying to divide the property in an equitable way, and you can get into the weeds rapidly if you have substantial or complex assets. An Oklahoma City divorce lawyer should be one of your first calls to make sure that your rights are protected throughout the divorce process, particularly in the division of property.
From an Oklahoma City Divorce Lawyer: How Is Property Division Handled in a Divorce in Oklahoma?
Oklahoma follows the concept of “equitable distribution” in divorce. As you can tell by the name, this means the court is not interested in an equal division but an equitable division. This means there is no precise formula that the court is going to follow as they divide up assets: it will not be just 50/50.
Instead, the court is looking for a division that takes into account all the factors of the marriage, including both partners’ rights to the property and efforts in acquiring and caring for that property. The court is going to also consider the future of the couple, including each partner’s ability to work and earning potential; which parent will end up with primary custody of children; the amount of alimony that may be paid; all debts; and any actions by either person in the relationship that affected the value of the marital property. There are many other factors to consider: for more information, click here.
What Is Marital Property?
Marital property is any property or assets that either spouse gained, alone or together, during the marriage. In contrast, separate property is property that one of the partners entered the marriage already owning or which was gifted or inherited solely to them during the marriage. Marital property includes the incomes of both parties; any real estate; any valuable assets bought during the marriage, such as jewelry or stocks; vehicles; and even any separate property that may have increased in value due to the actions of the other party in the marriage.
For example, if one partner entered the marriage already owning a business, that business is their separate property unless their marriage partner contributes and increases the value of that business through their contribution. The court would consider it a contribution if the partner invested in the business, worked in the business, or sacrificed their own career to allow their spouse to spend more time building the business. Separate property can become marital property under certain circumstances.
Why Do I Need a Lawyer?
It’s always better if you and your spouse can come up with an equitable division plan on your own, and having a lawyer ensures that you can draft a plan that the court will accept and that your rights are protected during the process. If you and your spouse cannot come up with a plan, the court will do so. An attorney can help you in mediation, in negotiations with your spouse, and definitely if you end up having to go to court.
If you were involved in a divorce, the best way to protect your assets is to work with an experienced Oklahoma City divorce attorney.
