Rogers County Family Lawyer Helps You Understand Property Division in Oklahoma
Claremore firm handles equitable distribution issues for divorcing spouses
Dividing the assets and debts that have been accumulated over a marriage can be complicated. Price Law, P.C. in Claremore represents Oklahomans in divorce proceedings and works to obtain a fair share of marital property for clients through negotiations and litigation under the state’s equitable distribution standard. We collect the necessary information to determine the value of various assets and develop a strategy to help spouses get the results they deserve.
Marital and separate property
The first step in evaluating how assets are to be divided in a divorce is to distinguish marital property form separate property. Marital property includes most assets that are acquired by either spouse from the time they are wed. Unless a valid prenuptial agreement with contrary terms is in force, marital property is divided between the spouses upon their divorce. It does not matter that one party earned the income or obtained the specific asset. Separate property is comprised of assets that one party owned prior to marriage, along with gifts and inheritances they received individually. Once the divorce is final, separate property remains with its original owner. Debts are treated in the same way, with obligations acquired over the course of the marriage being subject to division among the parties and each individual responsible for their pre-marriage debts.
Equitable distribution in Oklahoma
Oklahoma is an equitable distribution state, meaning that judges make property division rulings based on what they believe to be fair. There is no law mandating that assets and debts be split equally between the parties. Judges have wide discretion in these cases and can use any information they think is relevant to reach their decision, such as:
- Age, health and earning ability of each spouse
- Contributions to the marital estate
- Childcare responsibilities
- Lifestyle of the couple during the marriage
- How long the marriage lasted
Like each marriage, each divorce is unique, so the factors will vary from case to case. Our Oklahoma family lawyers offer personalized counsel in each case so that spouses understand what type of result they might receive if they go to court. Whenever possible, we work to negotiate a property division agreement that is mutually acceptable to both parties and gives our clients the ability to start the next phase of their lives on strong financial footing.
What to expect in your property division matter
Some of the most difficult property division cases involve spouses who own their home and cannot agree about who should keep it as they go their separate ways. This might be even more complicated if there is a mortgage on the property. Drawing on our experience in these cases, we look for creative ways to bridge the gap, which might include buyouts of one spouse’s share or a settlement that gives a substantial share of remaining assets to the person who does not receive the house. It’s important to remember that marital property does not just include homes, vehicles and bank accounts, but also retirement benefits, investments and business shares. The length of time it might to take to resolve these issues depends on various circumstances, but our firm is committed to achieving favorable results for clients without wasting your time or money.
Contact an Oklahoma lawyer for a free consultation to discuss dividing marital property
Price Law, P.C. advises divorcing Oklahomans about the division of property and other issues relating to their marriage dissolution proceedings. Please call 866-206-1218 or contact us online to set up a free consultation. Our office is in Claremore.