Divorce can be a time-consuming process, especially when many assets are involved. Reaching a fair agreement for property division can be tricky.
It is a common misconception that family court judges automatically divide all assets and property evenly during a marriage dissolution, but the process is not that simple. Property division takes many factors into account, so it is crucial to work with a family attorney who has experience handling cases like yours. The City property division lawyers at The Smith Firm are ready to help, so do not hesitate to get in touch.
Oklahoma is an equitable distribution state, which means that divorcing couples must divide marital property fairly. It is important to note that fair division does not necessarily mean equal division. When dividing marital property, the court reviews the value of property and assets, which partner contributed to the property during the marriage, and the sacrifices one made to accommodate the other.
Marital property includes the following:
The equitable distribution process can often lead to extensive negotiations, especially when there is much valuable property. An Oklahoma City property division attorney could help during ongoing court procedures.
When spouses entering into divorce proceedings cannot agree on dividing their property and assets through mediation, the family court will determine marital property and order its equitable division. Under the Oklahoma Statutes Title 43 § 121, both parties in a divorce will maintain ownership of the property they owned before entering into the marriage.
Generally, the court will assign a monetary value to marital property before dividing it. The court will also evaluate and divide outstanding debt the spouses acquired during the marriage, which can include credit cards, medical bills, and mortgage and vehicle notes. All personal and real property obtained during a marriage is included in a property division settlement, regardless of whether one spouse holds the title alone. However, there are a few exceptions to the statute.
The United States Military awards special monthly compensation (SMC) to some disabled veterans. SMC benefits remain separate property in a divorce.
The court also considers property either party received as gifts or inheritance while married as separate property. However, if the value of that property increased because of both spouses’ efforts, the court could consider it as marital property and include it in the division of property.
If the parties signed a legally binding prenuptial agreement containing verbiage regarding property division before marriage, it could override Oklahoma property division laws. Navigating property division when there is a prenup in place can be tricky, so it is crucial to work with an experienced Oklahoma City attorney during this process to ensure everything runs as smoothly as possible.
Divorces are never easy. Trying to divide your assets without proper legal help can make this process even more stressful.
Working with an experienced Oklahoma City property division lawyer is the best way to protect your property and your rights. Our experienced attorneys could guide you through the process and ensure you get the fair treatment you deserve. Contact The Smith Firm to get started. We are here to help you and your family during this time.