Among the biggest concerns of divorcing spouses is how the assets or marital property in Stillwater, Oklahoma will be handled.
Who gets the house? The car? The dog?
States vary regarding how marital property is divided in a divorce.
Here is a brief explanation of how marital property in Stillwater is divided once the marriage ends.
Equitable Division of Property in Divorce
The division property in Oklahoma is based upon the concept of “equitable division.” Equitable division means that marital property in Stillwater 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 Stillwater?
Marital property in Stillwater encompasses any assets (or value in those assets) that were acquired during the course of your marriage, whether 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 in Stillwater.
How are Your Debts Divided?
Your debts will be handled in the same manner as your assets.
Debts acquired during your marriage will be divided equitably between you and your spouse.
However, each 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?
The division of marital property (and debts) is often decided by divorcing spouses in what is referred to as a “Marital Settlement Agreement.”
This document can also detail child support, child custody, and spousal support arrangements.
An Oklahoma divorce court then makes the Marital Settlement Agreement part of your Decree of Divorce. The decree 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 require 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
Prenuptial agreements are valid in Oklahoma and they may be used to dictate the distribution of property during your divorce.
However, 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.
Initial Strategy Session: Stillwater Divorce Attorney
Whether your case requires a courtroom confrontation or you are seeking an out-of-court resolution through firm negotiation, the Payne County lawyer at Wirth Law Office – Stillwater can help.
If you would like a initial consultation with a Stillwater divorce lawyer, call 405-673-1600 or submit the question form at the top right of this page.
