Divorce significantly impacts the finances of both parties involved. In Oklahoma, the division of assets, alimony, child support, and other financial considerations are all guided by state laws. Understanding how these factors play a role in divorce can help individuals prepare for the financial changes that come with one.
Division of Assets
Oklahoma is an equitable distribution state, meaning that the court divides marital property fairly, but not necessarily equally, between the spouses. The court considers several factors to determine a fair distribution, including:
- Duration of the Marriage: Longer marriages often result in a more equal distribution of assets.
- Contributions to the Marriage: Contributions can include income, homemaking, child-rearing, and support of the other spouse’s career.
- Economic Circumstances: The financial situation of each spouse post-divorce, including their earning potential and needs.
- Separate Property: Assets acquired before the marriage or through inheritance or gifts are typically considered separate property and are not subject to division.
Both parties must disclose all assets, including real estate, bank accounts, retirement accounts, investments, and personal property. From here, the assets will undergo appraisal, and the court will then divide the assets.
Alimony
Alimony, or spousal support, is financial assistance provided by one spouse to the other after divorce. In Oklahoma, alimony is based on the need of one spouse and the ability of the other spouse to pay. Factors considered include:
- Duration of the Marriage: Longer marriages are more likely to result in alimony awards.
- Standard of Living: The standard of living established during the marriage.
- Age and Health: The age, physical, and mental health of both spouses.
- Financial Resources: The income and financial resources of both spouses, including property awarded in the divorce.
- Contributions to the Marriage: Contributions as a homemaker or support of the other spouse’s education and career.
Additionally, alimony is available in three forms: temporary, rehabilitative, and permanent. The specific type of alimony that the court awards will be based on these factors.
Child Support
Child support helps to cover the costs of raising a child. Typically, the non-custodial parent is the one who pays it. In Oklahoma, child support is calculated based on the income of both parents, the number of children, and other relevant factors. To calculate child support, combine both parents’ incomes and then divide this into each parent’s individual share. The Oklahoma Child Support Guidelines provide a table that specifies the basic support amount based on the combined income and number of children.
Debt Division
The court determines an equitable distribution of marital debts. For example, debts incurred for the benefit of the marriage are typically divided between the spouses. Another consideration is debt responsibility, or each spouse’s ability to pay and their responsibility for incurring the debt. The division of debts often balances with the division of assets to achieve an equitable overall financial settlement.
Tulsa Divorce Attorneys
Divorce significantly impacts finances and understanding the various elements—such as asset division, alimony, child support, debt division, tax considerations, and retirement accounts—is crucial. Each divorce case is unique, and the financial outcomes can vary based on individual circumstances and the specifics of the marriage. If you are going through a divorce or considering one, contact us today at Tulsa Divorce Attorneys & Associates by calling 539-302-0303 or contact us online to learn more.