In a Tulsa divorce, the divorcing spouses may elect to decide on how their property will be divided; however, they will still need to have this agreement confirmed by a judge, who will require the arrangement to be fair and reasonably equitable. When the couple cannot come to an agreement on how property is to be distributed, the court will make the determination for them.
What is a marital settlement agreement?
The division of marital property (and debt) in a Tulsa divorce is often agreed upon by divorcing spouses as part of what is referred to as a “Marital Settlement Agreement,” which also details child support, child custody and spousal support arrangements. This agreement, if accepted by the court, will be ordered and become binding on both parties as part of the Decree of Divorce issued to confirm the divorce.
Prenuptial agreements
Prenuptial agreements are valid in Oklahoma and may also be employed to outline the distribution of property in a Tulsa divorce. The courts, however, may choose to modify the terms of a prenuptial agreement if it finds it to be unreasonable, improperly executed or counter to the best interests of any children involved.
When there is no agreement in a Tulsa divorce
When there is no prenuptial agreement and the divorcing spouses cannot decide how property should be distributed in their Tulsa divorce, the court will divide the property for them. Typically, this decision will only entail the partitioning of marital property, unless fairness or the best interest of the couple’s children requires them to go beyond it.
Marital property
Marital property consists of any assets, or value in those assets, that were acquired during the marriage, either individually or jointly. With some exception, anything that an individual acquired before the marriage or after the couple permanently separated, as well as anything individually inherited or received as a gift during the marriage, will be exempt from classification as marital property.
All marital property, including financial assets like stocks, bonds, bank accounts and business interests; as well as physical assets such houses, cars, books and household furnishings, is subject to distribution in a Tulsa divorce on the basis of “equitable division.”
Equitable division
Equitable division does not mean that property will be divided equally; rather, it will be divided in a judicious manner according to various factors, which include:
- the needs of your children;
- each spouse’s individual contributions to the total amount of marital property;
- the duration of the marriage;
- the age of the spouses;
- each spouse’s individual incomes;
- their medical expenses; and
- the cost of childcare for the custodial parent.
The marital debts will be handled in the same manner as the assets. Debts acquired during the marriage will be shared equitably between the spouses, while each of them will be individually responsible for any debt personally acquired before the marriage or after they permanently separated.
Summary
To summarize, divorcing spouses have a right to determine how property will be divided during a Tulsa divorce. However, if they cannot come to an agreement, the court will divide their property for them on the basis of equitable division. In doing so, the court will weigh various factors, chiefly the spouses’ individual contributions to marital property, their incomes and the best interests of their children, if applicable.
Initial Consultation: Tulsa Divorce Attorney
For matters involving family law, criminal law, personal injury and other individual legal concerns, contact Tulsa lawyer at Seventh Street Tulsa Law Firm for a initial, confidential consultation. Call today at (918) 932-2777. We’ve also provided a form on the right side of this page where you may send your question or inquiry and receive an e-mail reply.
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