Division of Marital Property and Debts:
Dividing Debts in Tulsa Divorce can be a complicated legal issue. The Oklahoma law regarding property and debt division in a divorce requires the court to make what is called an equitable division of all marital property, including debts. Anything acquired during the course of the marriage is subject to division, including medical debts. This equitable or fair division, is not the same as a 50/50 split. Should the case go to trial, the court will consider the asset allocation and the parties ability to pay. In some cases, one party may be stuck with all the debt, but also receive the majority of property, thus balancing out and making a fair and just judgment.
Joint Debts and Property in Divorce:
However, debts and property cease to be joint property subject to division if they were acquired after the parties separated. In the case Janitz v. Janitz, the two parties were married in 1993, but the husband moved out with the parties separating in 1997. A divorce proceeding was initiated by the wife in 2011. During the 14 years the parties were separated the husband had acquired some significant assets. The trial court ruled that the wife was not entitled to any of those assets since the joint industry ceased when the parties separated in 1997.
You may be interested in this family law issue, Alimony and Tulsa divorce
Separate Debts and Property in Divorce:
Dividing Debts in Tulsa Divorce looks to Okla. Stat. tit. 43 § 121, which provides that Joint property is that which is accumulated by joint industry of the spouses during a marriage. The appeals court in Janitz, upheld the trial court’s decision, indicating that although property acquired during coverture is generally marital property, it is possible for one spouse to acquire separate property during marriage and deciding that property acquired by a party between the time of separation and the time of trial is separate property, not subject to division.
This decision not only applies to assets, but debts as well. So medical bills, credit card debts (even if on a joint credit card), and other debts that are incurred by one party after separation will be solely the responsibility for the party that incurred that debt.
Call our Divorce Attorneys in Tulsa For Help:
Dividing Debts in Tulsa Divorce requires a divorce lawyer that fights for you. If you’re facing a divorce in Tulsa don’t go it alone. Who pays what or gets what in a divorce can be complicated. When you hire a family lawyer to help you the emotion gets substituted with a professional approach to the problem. Our attorneys have helped countless people in Oklahoma get whats fairly due them. Call today and get a free consultation.
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