How Does Oklahoma Handle the Division of Assets in a Divorce?

In Oklahoma, the division of assets in a divorce is based on the principle of “equitable distribution.” This means that the court will divide the marital property in a manner that is fair and just, but not necessarily equal.

Marital property refers to assets and debts that were acquired by either spouse during the marriage. In Oklahoma, separate property, which is property acquired by one spouse before the marriage, is not subject to division in a divorce.

When dividing marital property, the court will consider various factors, including:

• The length of the marriage.
• The age and health of each spouse.
• The income and earning capacity of each spouse.
• The contributions of each spouse to the acquisition of marital property, including both financial and non-financial contributions such as homemaking or child-rearing.
• The needs of each spouse.
• Any other relevant factors.

Based on these factors, the court will make a determination about how to divide the marital property in a way that is fair and just. This could involve dividing the property equally, or it could involve giving one spouse a larger share of the property based on their contributions or needs.

It’s worth noting that Oklahoma is also a “no-fault” divorce state, which means that a divorce can be granted without either spouse having to prove that the other is at fault for the marriage breakdown.

Cannon & Associates – Building Your Better Future, Now!

When entering into a divorce, it is always a smart decision to employ a skilled divorce attorney to ensure that your rights and best interests are protected throughout the process. With their help, you can fight for a brighter new future built upon a divorce decree that works for you.

Our team here at Cannon & Associates works through Oklahoma and is ready to help. We can provide legal counsel, advice, and representation that will make your life easier.

The attorney-client relationship begins with a free consultation, and you can reach out to our law firm at our Oklahoma law office for all your legal needs at any time at 405-591-3935.

Dividing The Marital Estate Under Oklahoma Law

The state of Oklahoma, follows what is known as an equitable distribution doctrine. This essentially means that both yours, and your spouse’s separate property, is exempt from the division. Your separate property generally includes all assets and debts owed by each party before the divorce and also includes compensation payouts, inheritance, and gifts.

All assets that have been obtained throughout the marriage by either party is usually considered marital property and will be classed as community property, and this means that it is up for equitable division.

It is worth stating here that in an equitable distribution state, equitable is different from equal division. Equitable means fair and reasonable, and this means that the Judge has the deciding say on what split of the assets to award to each party.

Factors that a Family Law Judge Will Consider When Ruling on Property Division

In Oklahoma, family law courts consider several factors when deciding an equitable division of marital assets, including:

• Length of the Marriage – When it comes to the division of property, the longer you and your spouse have been married, the more likely it will be that the Judge will split your assets equally, or at least close to 50/50 split.
• Each Spouse’s Contribution to the Marriage – The Judge may look at each party’s contributions to the marriage. This could be financially based, such as looking at who has provided the most financially for the children. The Judge may also consider if one partner has made sacrifices, such as one spouse giving up a career and remaining home to look after the home and family.
• Each Spouse’s Income and Earning Capacity – A family court Judge may look at each party’s individual earning potential and capacity. If one spouse gave up education to look after children, it may be fair to award a larger share to them to help them get back on their feet.
• The Value of the Marital Assets – The court may consider the value of all assets acquired during the marriage, including real estate, investments, and personal property. They will also look at the couple’s debt, and who the debt was accrued by.
• Each Spouse’s Health and Age – Each spouse’s health and age may be examined when determining how to divide assets.

Importance of Hiring an Attorney

If you are currently considering divorce, or you have been served with divorce papers and are unsure of how to proceed, we highly recommend hiring an attorney to represent you and advise you on your property division.

Hiring an experienced divorce attorney to help with the division of marital assets in Oklahoma can be crucial for several reasons:

Knowledge of Oklahoma Divorce Laws

A lawyer who practices family law in Oklahoma will have a thorough understanding of the state’s laws, including how separate and marital property are split in equitable distribution. This knowledge can help ensure that your rights are protected and that you receive a fair share of your marital estate.

Assistance With Asset Valuation

In order to divide your marital assets fairly, you will need an accurate valuation of all assets, including real estate, investments, and personal property. Your attorney will work with financial experts, such as appraisers and accountants, to ensure that assets are accurately valued, which is essential for a fair and equitable distribution.

What happens if my spouse is hiding assets in a divorce case?

They will also help you if you suspect your spouse is hiding assets from you. In matters involving substantial marital assets being hidden, you may need expert investigators to help uncover them.

Negotiation and Mediation Skills

In some cases, you and your spouse may be able to reach a settlement through negotiation or mediation rather than going to trial. An experienced attorney can help facilitate these negotiations and work to reach a settlement that is in your best interests. This reduces court involvement for divorcing spouses and will keep the decisions in your hands.

Protection of Your Rights

If, even after negotiation and mediation, you and your spouse cannot come to an agreement, your attorney can advocate for your rights in court. Your attorney will help present evidence and argue on your behalf, which can be especially important if your spouse has a more aggressive attorney.

Prevention of Costly Mistakes

Any mistakes made in family law court can be costly and difficult to undo. Your attorney can help ensure that all necessary steps are taken to protect your financial interests and prevent future disputes.

How Does Oklahoma Handle the Division of Assets in a Divorce – FAQ

What happens to a business my spouse and I have built together?

Things can become extremely complex when spouses who run a business together divorce. In this situation, the need for skilled and competent legal representation on both sides is much higher. If you cannot come to an agreement outside of court, you may need to bring in financial experts who can help accurately judge how instrumental each spouse has been in the business and how much the business is worth.

When dealing with a family-owned business in divorce proceedings, the courts will take into account the wishes of each spouse regarding their involvement in the business. If one spouse expresses a desire to leave the business, the court may decide on a fair compensation package for their departure.

If both spouses want to remain involved in the business, they will need to work together to find a mutually agreeable solution.

However, if neither spouse wants to continue their involvement in the business, the court may order the sale of the business and the equitable distribution of its assets.

What happens if we agree amicably on how to divide assets?

Some spouses are fortunate enough to be on an amicable footing going through a divorce. In this situation, if you and your spouse fully agree on how you want to divide your assets, you may be able to file a document that states so. It will then be up to the Judge to decide if they agree it is fair.

What happens to our debt?

When you get married, usually, all debt that either party incurs during the marriage is classified as community property. There are several exceptions to this rule. One exception may be that the debt is solely assigned in one party’s name for their sole purpose. Even if the debt is only in one spouse’s name, if the debt was for the purpose of both parties, it will become a shared debt in the eyes of the court. Debts for education, like student loans, usually stay sole debts assigned to one spouse.

Contact an Oklahoma Divorce Attorney at Cannon & Associates Today!

Here at Cannon & Associates, our team of attorneys fully understand that divorce and family matters can be stressful and emotional. Our Oklahoma family law attorneys have a long history of successful cases and are experienced in handling legal separation, divorce proceedings, child custody, child support, spousal support, high-asset divorce, and all other related family matters.

Our goal is to help you build a better future today by helping you and your former spouse navigate the divorce process with as little conflict as possible.

Each of our family law attorneys at Cannon & Associates is well-versed in mediation and negotiation techniques, which can help you and your spouse avoid costly court involvement. We can also help you understand the concept of “equitable distribution” in Oklahoma and how it may apply to your case in court.

Contact us today at 405-591-3935 to schedule an initial consultation with one of our skilled Oklahoma family law attorneys.