One of the more highly contested aspects of a divorce settlement, beyond custody issues, is the division of debt and property. Property and debt is divided “equitably” in divorce cases in Oklahoma. This leaves some litigants frustrated when they anticipate a 50/50 division of all assets, however, the court must weigh many factors when determining how to divide the assets and debt of the marriage. Most cases result in a 50/50 division of the net marital equity, however, after debt is taken into account.
With the help of our highly skilled Oklahoma City divorce lawyers, you can move forward knowing that you have an experienced, knowledgeable team to defend your best interests in court.
Do you have more questions regarding how assets may be divided in your divorce? Contact us today to schedule an appointment with our team.
Other factors, such as the length of the marriage and tax liabilities, will come into play as well. When you are dividing marital assets, it is important that you work with experienced divorce attorneys and financial specialists who can help you assess and equitably divide your marital assets.
Marital property is any property or asset that was accumulated or earned during the marriage. Examples can be the marital home, retirement contributions, vehicles bought with joint accounts, and more.
Separate property is anything that either party owned prior to getting married, and is not subject to the division of the court in a divorce case. Separate property is going to be that property which was owned outright by the parties prior to their marriage. If they property is subject to a mortgage or a loan at the time of marriage the property may not be considered separate property. Only a review by the Oklahoma City family law attorneys of Smith Simmons, PLLC would allow for a more complete analysis and opinion of the property. If prenuptial agreement is in place, the property division will more than likely be impacted as well.
Our Oklahoma City divorce attorneys have years of experience in the legal field, and can assist you both in the courtroom and out as you move forward with your divorce proceedings.
Call us today at (855) 973-8877 to meet with our client-oriented team and find out how we can fight for you.