A Muskogee divorce is a time of enormous stress, especially regarding marital property in Oklahoma. Not only are relationships shifting in often unexpected ways, but a long-term financial unit is coming to an end.
And though a marriage is far from a business, upon dissolution, its assets must be divided between spouses. These assets can include obvious things like a house or car. But it also can include furniture, financial instruments, and the silver tea set you were given as a wedding present.
What Is Marital Property in Oklahoma?
Generally speaking, marital property in Oklahoma is assets obtained during the marriage. That includes income and those things that income can buy.
So homes, cars, and investments are generally treated as marital assets if they are purchased during the marriage with income earned by one or both spouses during the marriage. Most of a couple’s assets fall into this category.
Marital property in Oklahoma does not include property obtained before the marriage and it does not include property inherited during the marriage as long as that property was not co-mingled with marital property or used for the benefit of the marital community.
Marital assets belong to both parties equally and upon a Muskogee divorce, these assets need to be divided.
Tools for Division of Marital Property
One of the most valuable tools is agreement with your spouse. If at all possible, it is best if you and your spouse agree regarding the division of marital property in Oklahoma.
Whether you agree at the outset of the divorce, or whether you use your attorneys or a mediator to negotiate this part of the proceedings, if you can agree, you will have more control over the division and may possibly save money.
Once agreed upon, the division will become part of the Marital Settlement Agreement and the court will review and approve the agreement.
If you and your spouse signed a prenuptial agreement before you married, your marital property will be divided according to the terms of that agreement. However, you should know that a court may choose to disregard your agreement if it finds that it is unreasonable, improperly executed, or not in the best interest of your children.
Equitable Distribution
If you and your spouse cannot agree regarding the division of marital property, the court will do it for you. Oklahoma law dictates that the court distributes marital property equitably rather than evenly.
This means that the division may not be a 50/50 split. The court will look at such factors as the length of the marriage, past contributions made to the community, future earning potential, and the like.
Low-cost Consultation: Muskogee Divorce Lawyer
If you have concerns about marital property in Oklahoma, contact an experienced Muskogee divorce lawyer as soon as possible to protect your legal rights.
Call the Wirth Law Office-Muskogee today at 918-913-0725, or toll-free at 1-888-447-7262 [Wirth Law].
