Because Oklahoma divorce law requires an equitable division of marital property, there are several types of assets in Tulsa that may be subject to this division. Marital property includes anything of value that was acquired during the marriage, regardless of whose name is on the title of the property, except gifts or inheritances acquired by one spouse during the marriage or assets that are given to one spouse or another in a pre- or postnuptial agreement. Here is a look at some of the assets that may be considered marital property. If you have further questions, reach out to our property division attorneys at LaCourse Law for help.
Real estate that will likely be considered marital property during a divorce settlement includes the family home, vacation homes, and any other real estate purchased during the marriage. While real estate acquired by one spouse before the marriage is commonly considered separate property, if that party added the other party’s name to the deed, it may cause the property to be considered marital property and subject to division.
The team at LaCourse Law could help you determine an equitable way to divide real estate assets in Tulsa. Some options include selling the property and dividing the proceeds between spouses, or having one spouse gain ownership of the asset in exchange for another asset.
Contributions made by at least one spouse to most types of financial and retirement accounts during the course of the marriage are considered marital property, including:
However, only the contributions or asset growth made during the marriage are subject to division in Tulsa.
Some accounts may only be divided through a legal order known as a Qualified Domestic Relations Order (QDRO). Inheritances and gifts given to one spouse may become marital property if, for example, they involve money being deposited into a joint account used by both parties.
Vehicles that may be considered marital property include cars and boats purchased with income earned during the marriage. Personal property includes household furnishings, jewelry, and collectible items. Again, even if the vehicle or personal property is in the name of only one spouse, it is still considered marital property if it was acquired during the marriage.
In addition to the assets themselves, the debts associated with these types of assets, such as car loans, are also subject to division in Tulsa. These assets are commonly divided by determining a fair market value and considering factors such as who needs the asset the most, who can afford to make payments, insure, and maintain it.
Tulsa business owners may find their business and associated assets subject to division during divorce. While a business started by one spouse before the marriage could be considered separate property, the contributions to the growth of the business by the other party will commonly be considered, including the support of the non-owner spouse. Often, if a business is determined to be marital property, either spouse is awarded ownership of it while the other spouse gets other assets in exchange, or the business is sold, and the proceeds are divided.
The LaCourse Law legal team understands the importance of helping business owners protect their interests and years of hard work. We could negotiate a plan based on an accurate valuation of the business and the unique needs of you, your soon-to-be ex-spouse, and your business.
An equitable division of marital property, as state laws require, does not necessarily mean the property owned in the marriage will be divided 50/50. Instead, it will be divided in a way that is considered fair to both parties, when considering factors such as the health and ages of each spouse, as well as their earning capacity. Other factors include the tangible and intangible contributions made by each spouse, child custody arrangements, and prior financial obligations such as child support orders that predate the marriage.
Identifying all the types of assets and debts associated with a marriage is complicated and burdensome for Tulsa couples and families. LaCourse Law’s team could help you document these items and provide guidance about the factors a judge will consider when dividing the property.
The division of marital property is a complex subject, one that many divorcing parties find difficult to agree on. An experienced lawyer from LaCourse Law could help you understand the requirements of equitable property division, protect your rights during the process, and may even work on developing creative solutions for the best outcome possible in your case. Contact us to learn more about the types of assets in Tulsa and how we could help you with your divorce.
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