Division of Marital Property and Debts:
Dividing Debts in Tulsa Divorce is a complex legal issue. The Oklahoma law regarding property and debt division in a divorce requires the court to make 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 incur all the debt, but also receive the majority of property. This, therefore, balances out and makes a fair and just judgment.
Joint Debts and Property in Divorce:
However, debts and property cease to be joint property subject to division if acquired after the parties separate. In the case Janitz v. Janitz, the two parties were married in 1993, but the husband moved out with the parties separating in 1997. In 2011, the wife initiates a divorce proceeding. During the 14 years of separation, the husband is able to increase his assets. The trial court rules that the wife has no entitlement to any of those assets since the joint industry ceases when the parties separate–in this case, in 1997.
You may have interest 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 accumulates 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 complex. When you hire a family lawyer a professional approach substitutes for the emotional approach. Our attorneys have helped countless people in Oklahoma get whats fairly due them. Call 539.302.0303 today and get a free consultation.
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