Division of Assets in Oklahoma Divorce
Oklahoma is an “equitable distribution” state, meaning that in the event of a divorce, property must be divided in an equitable manner. It is important to understand that under the law, “equitable” does not always mean equal; rather, it means fair.
Who Decides What’s Fair?
It is always in the best interest of a divorcing couple to try and resolve all issues related to property division themselves. In fact, the court will encourage them to do so. If the parties cannot reach an agreement, the court will step in and divide all of the assets.
Only marital property is subject to equitable distribution. This includes everything acquired while the couple was married, with the exception of:
- Devise (inherited real estate)
- Descent (inherited estate)
In order to determine fairness, the court will take several factors under consideration, including:
- When the property was acquired
- The value of the separate property of each spouse
- How each spouse contributed to the procurement of the property
- Future financial liabilities and needs of each spouse
- Prenuptial and postnuptial agreements
- Each spouse’s earning capacity and financial condition
The property will be assessed a fair market value based on the date of the divorce, not the time at which the property was purchased or acquired. Once considered, the court will make a decision regarding who the property will awarded to moving forward.
Equitable Division and Your Divorce
If you are concerned about the way your assets will be divided in your divorce, it is in your best interest to contact an experienced divorce attorney. Schedule a free and confidential review of your case with Edge Divorce today.