Going through a divorce can be an emotionally and financially draining experience. One of the main concerns of both parties involved is the division of their property. Dividing property in a divorce is the process of deciding who gets what assets and debts. In Oklahoma, the law requires an equitable division of marital property. This means each spouse receives a fair and just share of the property, but not necessarily an equal split. Here’s how property gets divided in a divorce in Oklahoma:
Marital Property vs. Separate Property
Before property can be divided, it’s important to determine which assets and debts are considered marital property versus separate property.
Marital Property – All property and debts that were acquired during the course of the marriage are considered marital property. This includes earnings, investments, real estate, personal property, and debts acquired by either spouse during the marriage.
Separate Property – Assets that are considered separate property are those owned by either spouse prior to the marriage, inheritances, gifts, and personal injury settlements. These items are usually not subject to division in the divorce settlement.
The Division of Marital Property
Once the marital property is identified, the court will determine how to divide it equitably between the parties. Equitable division does not necessarily mean a 50-50 split. It is important to note that spouses are encouraged to come to an agreement on the division of their assets and debts in an uncontested divorce. Here are four factors that the court considers when dividing marital property:
1. Length of the Marriage
Marriages that span over several decades may be divided differently from marriages that only lasted for a few years. This is because long-term marriages tend to accumulate more joint property, resulting in a greater need to ensure an equitable division.
2. Earning Capacity
The earning capacity of each spouse is considered when dividing assets. If one spouse will have a significantly lower income after the divorce, they may be awarded more valuable assets or larger portions of the liquid assets to ensure they can maintain their lifestyle.
3. Fault
Oklahoma is a no-fault state, meaning that marital misconduct, such as cheating, is unlikely to be a significant factor in the division of assets. However, the court may take into account the economic impact of a spouse’s wasteful spending habits or illegal activities on marital assets.
4. Other Circumstances
The court will consider any other relevant factors when dividing assets. This may include the health of each spouse, age, and whether they have minor children who will need support.
In conclusion, dividing property in a divorce in Oklahoma can be a complex and emotional process. It’s important to understand which assets are considered marital property and which assets are considered separate property. If you’re going through a divorce, it’s wise to consult with an experienced family law attorney to help you navigate the process of property division.