Going through a divorce in Oklahoma can be somewhat complicated. Not only are you forced to negotiate child custody and alimony, you must decide how to separate the property and assets amassed during the marriage.
Whether you divide marital property and assets through mediation or you leave the ultimate decision in the hands of a court judge, it is critical to understand what marital property is and how it is separated in a divorce.
What is equitable division of property?
Oklahoma is one of many states in the nation that use an equitable division of property model. Rather than separate marital property equally in half, as in the community property model of property division, Oklahoma divides property according to what is fair and equitable.
The judge presiding over the case will look at certain factors involved in the divorce case and determine who will receive what property and assets.
What is marital and separate property?
While marital property involves everything that you accumulated during the marriage, separate property may be gathered before, during or after the marriage. Marital property includes the following:
- Collections, such as art, antiques, coins and classic cars
- Intellectual property, such as patents, trademarks and copyrights
- Frequent flier miles and rewards points
- Term life insurance, 401k policies, stocks and retirement plans
- Income tax returns
- Lottery ticket winnings
Any gifts you and your spouse exchanged during the marriage are also considered marital property.
Separate property encompasses property you owned prior to the marriage, as well as any inheritance you received. Furthermore, any gifts given to you by a third-party is separate and may stay with you after the divorce.