Among the biggest concerns of divorcing spouses is how the assets that they have shared during their marriage will be divided after they divorce. Who will get the house? The car? The dog? States vary regarding how marital property is divided in a divorce. Here is a brief explanation of how property is divided between spouses in a Tahlequah divorce.
Equitable Division of Marital Property in a Tahlequah Divorce
The division of property in Oklahoma is based upon the concept of “equitable division.” Equitable division means that your marital property will be divided equitably between you and your spouse. This doesn’t suggest that your property will be divided equally, but in a judicious manner according to various factors, such as your children’s needs and your individual contributions to the total amount of marital property.
What is Marital Property in Tahlequah, Oklahoma?
Marital property encompasses any assets, or value in those assets, that were acquired during the course of your marriage, individually or jointly. With a few exceptions, this excludes any property that was acquired before you got married or after you were permanently separated. Also, anything that you individually inherit or receive as a gift during marriage will be exempt from being classified as marital property.
How are Your Debts Divided in a Tahlequah Divorce?
Your debt will be handled in the same manner as your assets. Debts acquired during your marriage will be divided equitably between you and your spouse, while each one of you will be individually responsible for any debt you personally acquired before you were married or after you were permanently separated..
What is a Marital Settlement Agreement in Tahlequah, Oklahoma?
The division of marital property (and debts) is often decided by divorcing spouses in what is referred to as a “Marital Settlement Agreement,” which can also detail child support, child custody and spousal support arrangements. This agreement is then ordered and decreed by an Oklahoma divorce court in the Decree of Divorce, which is the official document that confirms the dissolution of your marriage.
In the event you and your spouse cannot arrive at an agreement regarding how your property will be divided, the court will divide your property for you. Typically, only your marital property will be divided, unless fairness or the best interests of your children requires the court go beyond marital property.
When making a decision whether assets beyond marital property will also be divided during your divorce, the court will consider a variety of factors, such as how long you have been married, your individual ages, incomes, medical expenses, and the cost of childcare.
Prenuptial Agreements in Tahlequah, Oklahoma
Prenuptial agreements are valid in Oklahoma and may be used to dictate the distribution of property during your divorce. However, the courts will often modify the terms of these agreements if it finds them to be unreasonable, improperly executed, or against what is in the best interests of your children.
Low-cost Initial Consultation: Tahlequah Divorce Attorney
We’re here to listen to your many questions as you consider a divorce.
For a low-cost initial consultation, call Wirth Law Office – Tahlequah at 918-458-2677.
If you prefer written correspondence, you may also send your legal question using the form at the top right of this page.
