An Oklahoma divorce is never easy. When it comes time to separate assets during a divorce, the process can raise many questions.
The answers to this and other divorce questions depend upon a number of factors. This area of the law can be quite complex.
It is best to take all Oklahoma divorce questions to an experienced Muskogee divorce lawyer.
Inheritance: A Marital Asset or A Separate Asset?
Under Oklahoma law there is a difference between what are considered to be personal property assets and what are considered to be marital assets. How we obtain assets and how we treat these assets during the course of the marriage will dictate whether each asset will be considered a marital asset or a personal property asset.
Generally speaking, marital assets are those 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 assets belong to both parties equally and upon divorce, the court will allocate these assets between the spouses.
Personal property assets generally belonged to one of the spouses before the marriage, or were a result of a gift or inheritance. During an Oklahoma divorce, these usually remain the sole property of the person to whom they were given if certain criteria are met.
Keeping Your Inheritance As Your Personal Property
In order for an inheritance or gift to remain your personal property, it must have been made solely to you. If the gift was made to both of you, it will be considered a marital asset.
However, if you and your spouse signed a valid prenuptial agreement (sometimes called an “antenuptial agreement”), the terms of the prenuptial agreement may govern the issue. With a pre-nup, you have the ability to dictate how certain assets will be treated upon divorce.
In addition, in order for the asset to stay your personal property, you must avoid “co-mingling” of the personal property along with marital property. Co-mingling of an asset can “transmute” or change the character of an asset from personal to marital. It must be kept separate.
If you put your inheritance into a separate account or kept it in your name only, you are likely safe. However, for specific advice always consult a qualified Muskogee divorce lawyer.
How We Transmute Separate Property into Marital Property
Here are some of the ways separate property can be transmuted. If you deposit your inheritance check into a joint account, or purchase a home that is held as joint property with right of survivorship, that will be enough to transmute the asset. If you purchase a car or any other asset and hold the title in both names, it will be considered to have been transmuted.
If you use that asset to benefit the marriage, it changes the nature of the asset. Thus, if you deposit your inheritance check into a separate account, but later add your spouse’s name, making that account a joint account with right of survivorship, that too will transmute the property.
The Court May Affect Your Separate Assets
The court also maintains the right to use separate assets as needed in order to distribute assets equitably. If a child or spouse needs additional care, the court may choose to use a portion of your inheritance to fill that gap.
Low-cost Consultation: Muskogee Divorce Lawyer
If you have concerns about your inheritance or other assets, 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].
