Division of Marital Property in Divorce:
Oklahoma divides marital property in a divorceby whats called the equitable distribution principle. Unlike community property which divides marital property 50/50 between the parties Equtable distribution doesnt divide marital property in half but rather gives the divorce courts in Oklahoma the discretion to divide property in away that reflects the equities of each case.
What is Marital Property:
Marital property is all the property that either party to the marriage has earned during the pendency of the marriage and with marital industry. Marital industry is any work that either party performed during the marriage. This includes any 401K or retirement contributions that were made to either persons retirement account while they were married.
What is Not Marital Property:
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.
If you would like a free consultation with an Oklahoma Divorce lawyer regarding your particular case call us today at 918-742-3555 or send us an email and we will try to answer your question.