Division of Property
The division of property is one of the most contentious issues a couple must resolve in a divorce. Throughout a marriage of any real duration, a couple can amass a surprising amount of property.
For the most part, that property belongs to the couple jointly. A divorce petition asks for several things, including for the court to divide property that belongs to the couple jointly.
Understanding Marital Property
Marital property is the term usually used to indicate property that was acquired during the marriage that belongs jointly to a couple. Most often, this includes things like a home, cars, cash, investments, furniture, and jewelry.
All marital property must be divided during the divorce proceedings. It can help you to know what marital property you want to keep and what you are willing to have conferred to your spouse.
Understanding Separate Property
Separate property can be thought of as property obtained outside the marriage. This can be property obtained before the marriage. This property may include some types of property acquired during the marriage.
One example is inheritance. Inheritance is considered to be separate property even if it is acquired during the marriage. Some things can affect the characterization of property such as commingling of funds or the presence of a valid prenuptial agreement.
Confirming Property to the Spouse
A divorce proceeding asks the court to confer certain property to one spouse or another (Okla. Stat. tit. 43 § 121). That is how the court will divide property belonging to the spouses. Oklahoma law requires that the division of property be equitable. In achieving equity between the spouses, judges look at several factors. They will look at the contributions made by the partners to the marriage. But courts will also look at what each partner needs to move on.
Sometimes, a judge will change the characterization of separate property to marital property and then confer that property to one spouse to help them move on after the divorce. Or a judge may set aside some separate property for the purposes of child support.
If at all possible, the judge may try to ensure that the custodial parent retains the family home if the children will live with the custodial parent most of the time. Dividing property may not be a 50/50 split, but courts work to make it a fair split.
A skilled divorce attorney at Wirth Law Office – Wagoner can help you understand how property is divided and how you can fight for what you want to keep.
A Valid Prenuptial Agreement May Change Things
A valid prenup that addresses the division of property in a divorce will govern. Prenuptial agreements must follow all the rules to be held valid. You should ask an experienced Wagoner family law attorney about your prenup if you have one, to see if it is valid.
Likewise, if you are thinking about getting married, bring your questions about prenups to an attorney before you get married. There are lots of reasons to have one drawn up. It can take much of the bickering out of the process of divorce.
The division of property is complex, and the outcome will govern your life for many years. It is important to understand that a court will seek to divide property in a fair way. Knowing what you want can help. Seek the help of an experienced divorce attorney to understand all the assets and needs of the parties involved in your divorce.
Contact the Wirth Law Office – Wagoner for Your Initial Strategy Session
Your decisions regarding the division of property will affect your life in surprising ways. Get the help you need.Wirth Law Office – Wagoner offers its clients the best possible divorce, child custody, and child support representation in the Wagoner, Oklahoma area at reasonable rates.
We invite you to schedule a initial consultation to discuss what we can do for you. Contact Wirth Law Office – Wagoner at (918) 485-0335 to schedule your low-cost strategy session. You can also fill out the form at the top of the page.
