Dividing Assets in Divorce
Divorce is an incredibly stressful and difficult process, and dividing assets can be one of the most challenging tasks. Luckily, Oklahoma’s laws about dividing assets are fairly straightforward. If spouses want to and are able to come to an agreement on how to split their assets, the court doesn’t need to become involved. The couple can provide a written separation agreement to the court that explains how they plan to distribute their property.
Oklahoma is an equitable distribution state, so if needed, the court decides how to split property during a divorce based on what they believe is just and reasonable. They consider how each partner contributes to the marriage and what they will require after the divorce to live. They look into the length of the marriage, the ages and health of both spouses, any medical bills or expenses, and childcare costs. The division the court comes up with isn’t always exactly equal, but they determine what is fair based on each partner’s income and financial needs.
The court will also split up a couple’s debt when dividing their assets if the debt was acquired by each spouse. If the debt only belongs to one partner, that partner will usually keep the entire debt.
During a divorce, the court only divides marital property, or property that the couple bought, received, or inherited during the marriage. Any separate property that belongs to only one partner will usually remain with that individual. The court will occasionally make exceptions, especially with child custody. If one partner has custody of a child, the other partner may be required to give up some of their separate property as child support.