Division of Property
Oklahoma Attorney: Division of Property
Oklahoma is a marital property state, meaning that property acquired while a person is married becomes part of the marital estate. At the time of a divorce, it will be subject to division of property (a process the courts refer to as equitable distribution). Equitable distribution does not automatically mean the court will order an even division of marital assets and debt. That is, however, the most common result. Only if the court determines that an equal division would be unfair will it order another type of distribution. It is extremely important to be represented by an experienced attorney, in order to protect your financial interests during the process. Feel free to contact my Edmond office to arrange a free initial consultation.
Identifying marital assets
Issues your divorce lawyer will cover in a discussion of division of property include your goals, the relationship of equitable distribution to alimony/spousal support¸ and identification and accurate valuation of the following marital assets:
- Retirement funds, including military pensions, IRA and 401k accounts and pension plans
- Business interests
- Your home
- Ranches, farms and other real estate
- Investment accounts, securities and savings accounts
- Automobiles and personal property
Can I stay in my home?
A major issue for divorcing couples is ownership of the family home. If the couple has children, and one parent has primary custody, the court might encourage an agreement that allows the children to remain in the home with the custodial parent. If neither spouse can afford to buy out the other's interest, the home may have to be sold and the equity divided.
What is "commingled" property?
Separate property includes a business or home one spouse had before marriage, or an inheritance or gift acquired during the marriage. If the business expanded, the real estate improved or funds from an inheritance or gift were blended with the couple's marital estate, those assets may be commingled. As your lawyer I will work closely with accounting and valuation experts to see that your interests in separate property and marital property, including commingled property, are correctly identified and valued.
Free consultation with an experienced lawyer
Selecting an attorney to represent you during division of property is an important decision, one that may have a significant impact the quality of your life after divorce. I handle divorce for clients throughout the Oklahoma City area. If you would like to speak to me about representation, please feel free to contact my Edmond office and arrange a free initial consultation. At that time, we can discuss fee arrangements, including payment by credit card.
