Divorce can be an emotionally and financially challenging process. Along with resolving issues like child custody, child support, and alimony, couples must also address the division of property, which can be one of the most complex aspects of a divorce.
Determining who gets what is not always straightforward. Factors such as marital vs. separate assets, debts, and financial contributions all play a role in how courts divide property. Having a skilled Tulsa property division lawyer on your side can make a significant difference in protecting your rights and ensuring a fair outcome.
If you are facing a divorce, do not navigate this difficult process alone. Contact our experienced family attorneys today to get the legal guidance and support you need to settle your property disputes and move forward with confidence.
The state follows the policy of equitable distribution when making decisions about how spouses must divide their marital assets. This means that the court will seek to divide the spouses’ assets fairly but not necessarily equally.
Family courts can consider a variety of factors when deciding how to divide marital assets. Although there is no definitive list, some potential considerations include:
A Tulsa attorney could explain the potential factors a court may consider when dividing property based on the client’s situation.
During divorce proceedings, a court will enter a decree that confirms the property each spouse owns. A Tulsa property division attorney could help clients understand the assets subject to equitable distribution in a divorce.
Assets either spouse acquired before initiating the divorce process are generally considered marital property subject to an equitable division. Some examples of marital property include:
Even if only one spouse’s name is listed in the title to an asset, Okla. Stat. Ann. tit. 43, § 121 provides that it is still marital property as long as it was acquired during the marriage.
However, courts do not consider all assets owned by a married person as marital property. Generally, property a spouse acquires before the marriage is considered separate property that is excluded from equitable distribution.
Additionally, courts may exclude gifts or inheritances received by a spouse from equitable distribution. There are a few other exceptions from marital property, such as proceeds received in a personal injury settlement and any income received from an asset deemed as separate property.
It is important to note that certain assets—such as the family home—are not easily divided. If property cannot be divided, family courts have discretion under Okla. Stat. Ann. tit. 43, § 121 to assign the title to one spouse and require they pay alimony as fair compensation to the non-recipient spouse.
The state’s equitable distribution policy only applies when spouses cannot reach an agreement on how to divide marital assets. Courts generally respect spouses’ wishes when they negotiate a settlement agreement by themselves.
Spouses could enter into a prenuptial agreement before the marriage to outline how they will handle property division. A postnuptial agreement may also be necessary after the marriage, especially if there is a significant change in a spouse’s financial situation.
After divorce proceedings are initiated, spouses could still enter into a settlement agreement to avoid a drawn-out court dispute. This process may occur through formal mediation.
Before undertaking mediation, proceedings, or negotiations on how to divide assets, you should consult with a Tulsa property division attorney about your rights.
Navigating the divorce process is complicated. Married couples must consider a variety of important issues that can significantly impact their family relationships and financial well-being.
Hiring a knowledgeable Tulsa property division lawyer could help protect spouses’ rights during the divorce process. Reach out to schedule your initial consultation with LaCourse Law.
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