During a divorce, the courts are responsible for dividing the assets and debts of the marriage in a fair and equitable manner. In Oklahoma, the process of dividing assets is known as “equitable distribution.” However, not all assets acquired during the marriage are considered marital property and are subject to equitable distribution. Some assets are classified as separate property and are not subject to distribution.
This article will provide an overview of the impact of separate property on equitable distribution in Oklahoma and the steps involved in the process.
Definition of Separate Property
Separate property is defined as property that is owned by one spouse before the marriage, acquired during the marriage by gift or inheritance, or acquired after a legal separation. It is important to note that in Oklahoma, any increase in value of separate property during the marriage is considered separate property as well.
Examples of separate property include:
- Property owned before the marriage
- An inheritance received during the marriage
- A gift received by one spouse during the marriage
- Personal injury awards or settlements
- Retirement benefits earned prior to the marriage
- Identifying Separate Property
The first step in the equitable distribution process is identifying which assets are separate property and which assets are marital property. This can be a complex process, especially if the couple has commingled their separate property with marital property. In these situations, the court may need to conduct an investigation to determine the separate property.
Marital Property
Marital property is defined as any property acquired during the marriage, regardless of whose name is on the title or which spouse earned the income. This includes property such as the marital residence, cars, bank accounts, and investments. Marital property is subject to equitable distribution during the divorce process.
The Equitable Distribution Process
Once the court has determined which assets are separate property and which assets are marital property, it will begin the process of dividing the marital property in an equitable manner. The court will consider factors such as the length of the marriage, the income and earning potential of each spouse, and the needs of each spouse.
The court may also consider the separate property each spouse has when dividing the marital property. For example, if one spouse has significantly more separate property than the other, the court may award a larger share of the marital property to the spouse with less separate property.
Property Division Agreement
Couples can reach their own agreement on how to divide their assets and debts. This agreement must be in writing and be approved by the court before it becomes a binding order of the court. If the couple cannot reach an agreement, the court will make the decision for them.
The impact of separate property on equitable distribution in Oklahoma can be significant. It is important for couples going through a divorce to understand the differences between separate property and marital property and how the court will treat each type of property. The court will consider the separate property of each spouse when dividing the marital property in an equitable manner. However, it’s important to keep in mind that couples can also reach their own agreement on how to divide their assets and debts, as long as it is approved by the court.
Free Consultation: Divorce Lawyers in Tulsa, Oklahoma
Divorce is a trying and stressful time, especially when there’s money involved (as there often is). If you are going through a divorce in Oklahoma, it’s incumbent upon you to protect your financial interests by contracting the services of a Tulsa divorce attorney. The Divorce Law Office of Tulsa offers free consultations with trained Tulsa divorce lawyers. Simply call us at 918-924-5526 or use the contact form at the top of the site. Whichever method you choose, a divorce lawyer in Tulsa will be in touch with you shortly.
