In a divorce, it’s vital to know whether your property is “marital” or “separate;” your separate property remains yours and cannot be divided by a judge, but Oklahoma courts can divide marital property between spouses.
Generally, money earned and property accumulated during the marriage is marital property.
If you have questions that aren’t answered in this article, you should contact an experienced family law attorney in Oklahoma for answers.
The term “property” includes a wide variety of assets, such as real estate, vehicles, furniture, jewelry, financial accounts, retirement accounts, and business interests.
A spouse’s access to funds for expensive counsel may create the impression that they can make good on threats.
Fortunately, Oklahoma law protects your rights in a divorce.
If you’re considering a divorce in Oklahoma, you need to know what happens to the property you and your spouse have accumulated during your marriage.
There are important exceptions to the general rule that property acquired during the marriage is marital property.With complex valuations, it may be helpful to hire a professional appraiser, business valuator, or other expert to provide a reliable value.When a pension is earned during the marriage, the court decides what fraction will be given to the other spouse.For example, Oklahoma courts can’t consider which spouse has a greater financial need for the property, or who contributed more money to the purchase of property.In addition, the courts can’t consider the spouses’ personal conduct unless it affected the value of their property; infidelity cannot be considered by the court as a factor in equitable division.These are the general rules, however, courts can make the final determination as to whether something is separate or marital property.Oklahoma courts follow specific rules when dividing a couple’s property during divorce.If only a portion of a pension or retirement account was earned during a marriage, the court chooses a fraction of the portion that was earned during a marriage, and divides that portion fairly between the spouses.When splitting disability benefits, the court decides whether the disability payments are meant to replace future wages, or meant to replace retirement benefits.If you have questions about the division of property in Oklahoma divorce, you should consult an experienced Oklahoma family law attorney for help.For a full list of the factors that Oklahoma courts consider when dividing property during a divorce, see Oklahoma Statutes Title 43, Section 121.