Retirement and Divorce
The division of property that occurs when two people divorce in Oklahoma will include a division of the retirement assets. According to Oklahoma law, retirement benefits and savings that occur during the course of the marriage are divisible as part of the marital assets. This includes all types of retirement accounts.
It is very important, however, that the division of this important asset is conducted fairly. Too often the person who holds the asset from their work or from an account they started prior to the marriage is required to pay out more than they actually owe their spouse. Working with Tulsa divorce lawyers on this matter is very important to ensure that the division of this asset is completely fair.
Spouses Do Not Automatically Get Half
In an effort to treat both spouses more fairly during divorce proceedings, the Courts have established ways to determine the actual value of what each spouse should receive from a retirement account of the other spouse. Many factors will be considered including:
• When the contributions were made to the account
• The amount of money earned from those contributions during the course of the marriage
• The length of the marriage
• Prenuptial agreements
It should be noted that these rules apply to both spouses, not just from the person who earns more. If there are two accounts in pace they both may be divided according to the decision of the Court.
Your ex-spouse may be entitled to these benefits immediately or may be required to wait until they require. It is important that you establish this during the divorce negotiations so that all terms of the dissolution are met.
A dissolution of marriage can quickly become “messy,: especially when retirement accounts are concerned. It is important to always work with Tulsa divorce lawyers to protect your assets and your future retirement during the proceedings.