The Basics of Property Division During Divorce in Oklahoma Family Law

The Basics of Property Division During Divorce in Oklahoma Family Law

Divorce can be a complicated and emotional process, particularly when it comes to property division. In Oklahoma, family law outlines specific guidelines for how marital property is to be divided between spouses. Understanding these basics can help individuals navigate their divorce with greater clarity and confidence.

Understanding Marital Property vs. Separate Property

In Oklahoma, property is categorized as either marital or separate. Marital property includes all assets and debts acquired during the marriage, regardless of whose name is on the title. This can include real estate, vehicles, bank accounts, and retirement benefits. On the other hand, separate property consists of assets owned before the marriage or those received as gifts or inheritances specifically for one spouse.

The Equitable Distribution Standard

Oklahoma follows the principle of equitable distribution when dividing marital property. This does not necessarily mean a straight 50/50 split; rather, the court aims for a fair division based on various factors. Elements taken into account may include:

  • The duration of the marriage
  • The age and health of both spouses
  • The income and earning potential of each spouse
  • Contributions to the marriage, including homemaking
  • Any existing custody arrangements for children

Negotiation vs. Litigation

Spouses can negotiate the division of property amicably, often resulting in a more satisfactory outcome for both parties. If the couple can agree on how to divide their property, they can create a marital settlement agreement. However, if disputes arise, the case may need to go to court, where a judge will make the final determination based on the equitable distribution standard.

Temporary Orders

During the divorce proceedings, either spouse can request a temporary order regarding the use and management of marital property. This can help prevent one spouse from selling or dissipating assets while the divorce is ongoing. It's essential to adhere to these orders to avoid negative consequences in the final property division.

Protecting Your Assets

Individuals going through a divorce should take measures to protect their assets. Documenting all marital property and debts through detailed inventories will make it easier to understand what needs to be divided. Consulting with a family law attorney can also safeguard your interests and ensure a fair distribution.

Conclusion

Property division during divorce can be a daunting task, but understanding the principles of marital and separate property, as well as the equitable distribution standard, can simplify the process. Whether through negotiation or litigation, being well-informed allows individuals to advocate for a fair resolution in compliance with Oklahoma family law.