Understanding Oklahoma Division of Assets in Divorce
January 5, 2016 | Hensley Legal Services
If you are going through a divorce in Oklahoma there are going to be many different questions and concerns you have. For many people, understanding who is going to end up getting what assets is a cause for a lot of worry. While it is impossible to predict the specific outcome of a unique case, learning about the laws and standards for division of assets in divorce here in Oklahoma can be very helpful.
The state of Oklahoma is what is called an ‘Equitable Division’ state, which means that unless there is some type of prenuptial agreement or other factor in play, all marital property is going to be divided between the two parties in as just a way that is possible. In most cases the parties can come to some type of agreement about many of their assets, but when the courts need to get involved they will look at the following factors to determine who will be getting what:
- Marital Property Only – If one party had property from prior to the marriage, this typically won’t be ‘on the table’ during the division of assets in your divorce.
- Need After Divorce – The courts will work to ensure both parties have their material needs met after the divorce. For example, if there are two vehicles in the marriage, each party will likely get one of them.
- Contributions to Marriage – The courts will take into account how each party contributed to the marriage when dividing assets.
- Debts & Liabilities – Most types of debts or liabilities are also divided at this phase. The courts will do what they can to ensure that these are split fairly as well and done in a way that will not cripple one party with the payments.
Just is Not Always Equal
One of the most important things you need to keep in mind when going through a divorce is that when it comes to the division of assets, the courts will try to make the split fair, which does not mean equal. The strict dollar amount of the assets one party is awarded may be significantly higher than the other based on their need or other factors.
To the fullest extent possible, both parties should attempt to come up with a mutually agreed upon way to split up assets so that both are as happy as possible with the outcome. In many situations using mediation is a great way to get satisfactory results, which is why it is so highly recommended (and sometimes even required) in the state of Oklahoma.
Hensley Legal Services
427 South Boston Ave
Tulsa, Oklahoma 74103
Tel: (918) 398-5692
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