Oklahoma is one of forty states that is an equitable distribution state, which means that asset distribution after a divorce is accomplished fairly. Most people believe that assets and debts are divided 50-50 in a divorce, however in equitable distribution states, assets are divided based on the concept of fairness. 
The division process is quite complicated and requires representation. You should hire a skilled Tulsa divorce attorney in order to accurately and properly receive items that are rightfully yours.
Separate Property and Marital Property
Before discussing how assets are divided, it is important to understand what is divided. Separate property remains the property of the owner; marital property is what is divided either through a settlement agreement or a family court judge.
Separate property is property that a spouse owned prior to marriage, any gifts from a third party to one spouse, inheritance and any legal settlements received during marriage. For example, your best friend gave you a birthday present, that is your separate property. However, if you purchase a laptop during the marriage it is not separate property.
Marital property is everything that is not separate property. Marital property is also referred to as ‘community property.’ Any property acquired during marriage, prior to separation, is marital property regardless of whose name is on title or which spouse claims to ‘own’ the item or asset.
Read more about the definition of maritial property in Oklahoma here.
Fair Not Equal
Equitable distribution requires property, assets and debts to be divided fairly based on a number of factors. This means that one spouse could receive more than 50 percent of the assets. Yet, based on the application of the factors, this would be considered a fair division. Equitable distribution could also mean virtually half-and-half division of assets, but leave one spouse owning alimony to the other. Courts tend to award alimony when one spouse was a primary income earner and the other contributed more to family or household duties.
Marital Settlement Agreement
As previously stated, property can be divided either through a settlement agreement or a family court judge. It is by far more beneficial to enlist the help of an experienced Tulsa divorce attorney to assist in the execution of a marital settlement agreement (MSA) because you do not want to leave your assets in the hands of the family court system.
You and our spouse can choose how to divide your family assets. You can divide the assets however you wish as long as you can testify in front of a judge that the division is just and equitable.
Factors
If you are not able to agree with your spouse on the division of the marital property, then a court will step in and do it for you. The judge distributes the marital property based on several factors. Some of the factors include:
- Value of the property
- Who contributed what property, asset or debt to the marriage
- Sacrifices a spouse made during the marriage to benefit the family
- Involvement with their children
- How the asset is used
- How the absence or presence of the asset or debt would affect the spouse or children
This is not an exhaustive list but gives an idea as to what the court is considering when distributing marital property under equitable distribution doctrines. Courts have broad discretion in deciding what is fair and equitable, but not limitless discretion. The concepts of community property and marital property further limit how courts can equitibaly divide property during a divorce.
Community Property In Oklahoma
The concept of community property further defines how courts in various states will address equitable distribution. Oklahoma is a community property state. That means all marital property is owned equally by both parties. However, Oklahoma also allows spouses to hold property as joint tennants, or tennants in common. The latter form allows disproprtionate ownership shares by more than one party.
When marital property is community property, debts incurred during the marriage are assigned to both parties – in most cases. Where one party was unaware of debts the other party incurred, a court might relieve the innocent spouse of debts incurred without their knowledge.
Financial Contributions to the Marriage
As a community property state, Oklahoma does not necessarily consider who contributed what to a marriage when equitably distributing property or assigning debts. An expection is when one or both parties hold property acquired outside the marriage. Property inherited during a marriage might be considered non-marital property.
Assets aquired before the marriage are considered individual property — unless they are comingled with marital assets. A house purchased before the marriage could be an individual asset unless the other spouse contributed to upgrading or paying for the house. Inherited assets of one spouse can be transmuted into marital property if the funds are comingled in a bank account.
Free Consultation with a Tulsa Divorce Lawyer
Leaving your asset distribution up to the family court system can be risky. If you are not savvy to equitable distribution, then the process can be tricky.
Meeting with a family divorce attorney will help you understand the process more thoroughly and be prepared throughout your divorce.
Contact an experienced Tulsa divorce lawyer when you need to go through the Oklahoma divorce process.
For a free confidential consultation, call Divorce of Tulsa Law Office at (918) 924-5526.
