When people discuss whether Oklahoma is a community property state they are asking about dividing marital assets in a divorce. With divorce rates as high as they are how marital property is divided in divorce is important. Even more, the huge increase in Gray divorce in Oklahoma means couples divorcing are dividing lifetimes of marital assets. When marital property is divided States have two different ways of doing it. They divide property by either equitable principles or community property principles. Read on to understand how its done in Oklahoma:
Community Property State, What’s The Deal
There are a limited number of States in the country that use community property to divide marital property in a divorce. In states that follow community property laws, such as California, Texas, and Arizona, marital property is generally divided equally between spouses. This includes assets and debts acquired during the marriage, regardless of whose name is on the title or account. It looks more at a 50 50 division of the marital estate rather than looking at the individual circumstances of how the property was acquired. A Judge in this kind of community property case has far less discretion in how marital property is divided.
Equitable Distribution States
Oklahoma and many other states are equitable distribution states. In states that follow equitable distribution principles, like Oklahoma, marital property is divided fairly but not necessarily equally. Factors such as the length of the marriage, each spouse’s financial situation, contributions to the marriage, and future earning potential are considered in the division of assets and debts. This means that one spouse may receive a larger share of the marital property based on these factors.
Divorce Attorneys in Tulsa You Can Rely On
Divorce is never easy. But when you mix in child custody and property division things can really get messy. Rest assure Oklahoma is not a community property state and I think that’s a good thing. When people divorce and need to divide marital assets the Judges in Oklahoma are not hamstrung by ridged mechanical requirements for dividing property. For a Free and confidential consultation with an Oklahoma family lawyer call Tulsa Divorce Attorneys and Associates at 539-302-0303