Is Property Division Equal in Oklahoma?
If you are going through a divorce with your spouse, one of the most common points of contention is property division. The way that the courts will look at property division in a divorce varies by state. People typically think that what they have will just be split down the line with each party walking away with an equal distribution of what was accumulated over the life of the marriage. But this is not always the case. In fact, the opposite could be true. If your state follows an equitable distribution system, then it is possible that one party in the dissolving marriage is awarded a greater amount of the marital estate than the other.
Going through a divorce is never easy. Even when the divorce is mutual and there are no specific points of disagreement between two parties, the emotional toll and the administrative, as well as legal process, can be burdensome. During this time, it could be easy to just want to get everything over with and as a result, one party may give up much more than another. But, this could jeopardize their future and ability to move on financially from the marriage dissolution. It is imperative that if you are getting a divorce in Oklahoma, you have sound and resourceful legal guidance helping you through every step of the process so that the final outcome is in your best interest. Attorney Brian Putnam is an Oklahoma City divorce lawyer that will have your back, to ensure you are treated fairly.
How Do The Courts View Marital Property in Oklahoma?
The majority of the states across the country use an equitable distribution system when it comes to divvying up marital assets and wealth upon divorce. Oklahoma is one of them.
When two people bring the property into a marriage that was their own before the union was official, this property is not subject to division. Also, if third-party gifts are acquired that are only meant for one spouse or an inheritance transpires during a marriage, these instances too, would be considered personal property and not to be divided.
But everything else, or property that was acquired together during a marriage is community property and subject to division between each individual in the marriage. This could be bank accounts, cars, homes, and much more.
Oklahoma’s equitable division rules say that all marital or community property must be divided fairly, not equally. There is one of two ways that this can happen. The first is you and your partner can go over everything that is to be divided and you can decide amongst yourselves what fair looks like. If you do agree about property division, then this will likely be acceptable to the court and you and your ex-spouse can both part ways.
But if you cannot agree, then the Oklahoma courts will review the details of your situation and make the decision for you. The courts will take into consideration the value of the property, the contributions to the marriage each party made, sacrifices that may have been made, and many other intricate complexities.
Speak with an Oklahoma Divorce Attorney Today
It is best to have an experienced divorce attorney on your side to help you secure the best possible outcome for your circumstances. To schedule a free consultation with the attorney at the Putnam Law Office, please call (405) 849-9149.