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Ending a marriage can be challenging, and property division is often one of the most complex and contentious aspects of divorce. An experienced attorney can help with untangling asset division in a Northeast Oklahoma divorce. If you and your spouse jointly own any property, it’s easy for disagreements to arise concerning how this property should be divided under Oklahoma’s equitable distribution rule for asset division in divorce.
Untangling Asset Division in a Northeast Oklahoma Divorce
Divorce is more than ending a marriage contract. It is also a formal process of dividing property, and this unfolds according to the equitable distribution rule in Oklahoma. Both of the divorcing spouses have the right to keep separate property, which can include anything they owned prior to marriage, inheritance, and gifts, but all property acquired by the spouses during their marriage will count as marital property, and this will be subject to equitable distribution.
Oklahoma has one of the highest divorce rates in the country. As of 2022, the estimated divorce rate was about 9.3 per 1,000 women, significantly higher than most other states that year. While divorcing couples end their marriages for various reasons, the process will unfold similarly for every divorcing couple. Both spouses must submit complete and accurate financial records so they can resolve multiple aspects of this case, including property division.
When you and your spouse jointly own property, there could be multiple solutions for dividing these assets under the equitable distribution rule. It’s important to remember that if you had any separate property prior to marriage that was later commingled with marital assets, then that would likely qualify as marital property in divorce. Under the equitable distribution rule, marital property must be divided fairly, but this does not necessarily mean equally.
Any property you and your spouse jointly own, which may include real estate, vehicles, or other titled property, will be subject to equitable distribution. Your Oklahoma divorce attorney may propose several options for dividing this property. You and your spouse may choose to sell the property and then divide the proceeds from the sale. Alternatively, one of you may wish to buy out the other’s ownership share or exchange other property of equivalent value.
How an Oklahoma Divorce Attorney Can Help
One of the most important parts of resolving a divorce in Northeast Oklahoma as efficiently and as fairly as possible is accurately determining the value of all titled property that will be subject to equitable distribution. Both you and your spouse must submit financial disclosure statements that include all of your financial records, and all property you and your spouse control must be carefully assessed.
Your Oklahoma divorce attorney can help you meet your obligations and help you approach your divorce proceedings with confidence. You can make more informed decisions with their help, and if disputes arise, your attorney can help you understand your options for resolving them as smoothly as possible. For example, many Oklahoma couples pursue alternative dispute resolution to save time and money on divorce, but this is not always a viable option.
Bundy understands how contentious and frustrating a divorce can be in Northeast Oklahoma. Completing your financial disclosure and negotiating property division will be easier with an attorney’s help. If you have questions about dividing your property in divorce, we can explain what to expect and provide ongoing guidance as your divorce proceedings unfold. Reach out to our team as soon as you can to learn more about the legal services we offer.
FAQs
What Assets Can’t Be Divided in an Oklahoma Divorce?
The assets that can’t be divided in an Oklahoma divorce are each spouse’s separate property. Generally, a spouse’s separate property includes anything they owned before marriage that was never commingled with marital assets, inheritance left to them by blood relatives, and gifts they have received. If any separate property was later commingled with marital assets, then that property will qualify as marital property in divorce.
Will My Spouse Get 50% of Everything?
Your spouse may not get 50% of everything. Some states uphold community property laws that require strict 50/50 division of marital assets in divorce, but Oklahoma is an equitable distribution state. Property must be divided in the fairest possible way, and this takes many factors into account, including each spouse’s income and job prospects, their ages and medical issues, and other factors.
Who Gets to Keep the Family Home in a Northeast Oklahoma Divorce?
In a Northeast Oklahoma divorce, the question of who gets to keep the family home depends on several factors. If the divorcing couple has children, then the custodial parent may keep the family home so the children can remain in their familiar home. The spouses could also decide to sell the home and divide the proceeds. Your Oklahoma divorce attorney can explain all of your options for resolving this aspect of your divorce case.
What Happens if a Divorcing Spouse Hides Assets?
If a divorcing spouse attempts to hide assets and this is discovered, they could face contempt of court. The requirement to submit a complete and accurate financial disclosure statement is a lawful court order, and intentionally violating the order can come with severe consequences. They could be forced to pay the other spouse’s legal fees or receive a smaller share of marital property in response to this.
Why Do I Need to Hire a Divorce Lawyer?
You need to hire a divorce lawyer to have a better chance of reaching the fairest possible outcome for property division in your divorce case. Your attorney can also help you resolve the other aspects of your divorce, and you are more likely to reach a favorable outcome in a reasonable amount of time with an experienced Oklahoma divorce attorney assisting you.
Contact Bundy Today
The team at Bundy has years of experience helping clients in Northeast Oklahoma with their divorce cases, and we can put this experience to work for you. If you have questions about untangling asset division in a Northeast Oklahoma divorce, contact us today to schedule your consultation with an experienced Oklahoma divorce attorney.
