How is the Division of Income Calculated in an Oklahoma Divorce?Putnam Law Office
Having your property and finances divided in an Oklahoma divorce trial can be a scary thing because you never fully know what you might lose. There are different types of income that are divided during a divorce that includes earned income and passive income. Being aware of what you may or may not lose in the divorce trial can be helpful for preparing yourself financially for the aftermath of the divorce. You can also talk to an experienced Oklahoma Divorce Lawyer to calculate the estimated division of income.
Oklahoma Divorce Earned Income Versus Passive Income
When it comes to dividing up you and your spouse’s income in a divorce case, there are three categories of income to be aware of. Oklahoma divorce income division includes gross income, earned income, passive income, and excluded income. Gross income is just the total of combining earned income and passive income. Whereas, excluded income is any income that is purposefully left out of the total gross income by the family court.
Excluded income includes things like:
- Adoption assistance
- Child support payments
- Spouse or child disability benefits
- Public financial assistance programs (i.e. food stamps)
- Your child’s income
- Foster care payments
Earned income is any income you earn through your job or the way you make a living for yourself. This type of income usually includes things like your job wages, tips, bonus salaries, and military benefits. Passive income is any other source of money you have like gifts, trust income, social security benefits, worker’s compensation, lottery prizes, financial awards, and similar financial sources.
Both of these types of income are considered by the family court judge when deciding on things like division of debts, Oklahoma division of property, child support, and alimony.
What If My Spouse Ignores Oklahoma Family Court Orders?
Many people wonder what their legal options are if their spouse fails to follow the court orders regarding the division of finances and property. Since Oklahoma repealed itself as a community property state, this means that your debt might not always be split 50/50 between you and your spouse. Oklahoma division of debt depends on what the judge ultimately decides when looking at your gross income and related factors.
Judges will go by the new equitable division law which goes by what seems fair to both spouses when looking at various financial factors like gross income and debt. Other deciding factors include past economic misconduct, whether a spouse will have a steady job after the divorce, and which spouse will raise the children. Be sure to consult with a lawyer about this to figure out your unique situation.
Family Lawyer in Oklahoma
Disagreeing with your spouse about the division of your income and property can lead to a divorce trial. Try reaching out to an Oklahoma Family Attorney to see what other legal options you have to settle this. Call the Putnam Law Office at (405)-849-9149 for a consultation today. Our legal team can help you defend the outcomes you want from the divorce trial. Mr. Putnam is an Oklahoma City, OK attorney who is dedicated to his clients.