Marital property division involves deciding who gets what assets in a divorce. Oklahoma divides marital property by whats called the equitable distribution principle. This is unlike community property which divides marital property 50/50 between the parties Equable distribution doesn’t divide marital property in half. Rather the courts focus on what it sees as fair based on the facts surrounding marital property division. Equable distribution takes into account the totality of the circumstances contributing to the divorce and allocates marital assets in accordance with fairness.
What is Marital Property
Marital property is all the property that either party to the marriage earned or acquired during the marriage. It doesn’t matter which party worked or if one of the marital partners stayed home. If the asset or wage was earned while you were married its a marital asset. Some examples of marital assets are any retirement income acquired during the marriage or houses or personal property that was purchased while married.
What is Not Marital Property
If you come into a marriage with property this property is not a marital asset therefore not subject to marital property division. Marital property is not things that either party had prior to the marriage. An example of this might be that portion of a retirement account that was earned prior to the marriage as distinguished from that portion that was earned after the marriage. Other examples of non-marital property are gifts from a will, winnings, pain and suffering etc.
It is possible to convert separate property into marital property. This is called commingling property. Sometimes this is done intentionally but many times it happens without the party’s being aware of what they’ve done. A separate asset is commingled when you combine it with a marital asset making it difficult to tell what is or isn’t separate or marital property. If you come into a marriage with ten thousand dollars in a checking account and begin to deposit marital paychecks into the account its commingled. This means that the both the premarital potion of the money and the marital portion become one.
Contact a Family Lawyer in Tulsa
A divorce involves lots of legal untangling that’s more than child custody or the division of debt. Its not uncommon for a couple to accumulate a large amount of assets that need to be divided equitably. Its also important that you don’t give up premarital assets that are otherwise yours not subject to division. Call today and get a free consultation with one of our Family law lawyers