How Is Property Divided in a Divorce?

Filing for divorce can be emotionally and financially draining. You often must navigate complex challenges, such as dividing marital property, establishing custody arrangements, and working out support provisions. An Oklahoma City divorce lawyer offers advice on how to divide property during a divorce.

How Is Property Divided in a Divorce?

How To Divide Property in a Divorce According to an Oklahoma City Divorce Lawyer

Equitable Distribution and Marital Property

Based on Oklahoma laws, all property from a marriage must be divided equitably between partners. This does not mean that each partner gets an even share of stuff, or even that the value is comparable. It bases the division on the unique needs of each partner. A person’s ability to work, child living arrangements, debts, and support agreements can all impact the balance of equity.

It is important to note that this applies to marital property, which is the stuff acquired during a marriage. It does not apply to personal property that either spouse had before getting married. Some property gained while married may still be considered personal property, such as certain inheritances or settlement awards.

Dividing Property in Contested and Uncontested Divorces

In uncontested divorces, spouses agree on how to divide their property. A settlement agreement is drawn up and presented to the courts for consideration. If approved, the agreement becomes binding. This streamlines the divorce process.

When couples cannot agree on the terms of their divorce, courts must get involved. In this case, a judge decides how to most equitably divide marital assets. They may consider factors such as income potential, individual contribution to an item’s value, and living arrangements when making a decision. Check out this site to learn how an attorney can help prepare you for divorce court.

Dividing a Marital Home

A house cannot be divided in two, and it is unlikely that a divorced couple will continue to share a single home, so the marital home must be divided somehow between them. In many cases, one spouse keeps the house and the other gets other property. There is often a discrepancy between values when this happens.

Some couples may choose to sell the house and split the profits. If there are children from the marriage, the custodial parent will often keep the house to limit disruptions to the children.

Dividing Retirement Accounts

Dividing retirement accounts can be a tricky part of divorce proceedings. You must establish an accurate and fair value for them before taking any other steps. This is an area where it helps to have an expert on your side. Examples of retirement accounts that may need division during a divorce include:

  • IRAs
  • 401ks or 403bs
  • Military benefits
  • Pensions

Dividing Marital Debts

When dividing marital property in Oklahoma, you must also consider your debts acquired as a couple. This can include mortgages, car loans, and unsecured debt from credit cards or loans. These should be divided as equitably as possible. In some cases, how property is divided impacts debt distribution. For example, the spouse who retains the house will also likely be responsible for the mortgage on it. The same rule applies to cars and their loans.  

Couples must divide marital property, including homes, cars, personal property, savings, and debts, during the divorce process. In Oklahoma, that means dividing it as equitably as possible, which may lead to spouses receiving unequal shares.

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