One of the aspects of a divorce that needs to be addressed is property division. Whether you have many assets or few, you are entitled to your share of what was obtained during the course of the marriage.
When you need to protect your assets, get help from an experienced attorney at Talley, Turner, Stice & Bertman. From our office in Norman, we provide guidance and tailored representation to divorcing clients throughout the Oklahoma City metro area. Our attorneys have a wealth of experience handling all types of divorce and property division cases and are here to advocate for you.
Throughout the country, some states’ property division processes are governed by the law of equitable distribution, while others are community property states. It is important to note that Oklahoma is the former, which means your property is not divided in an even 50-50 split.
Once the totality of the couple’s assets, property and debts are determined, they are divided equitably and fairly. The courts will review all of the documents, plus other criteria factored into the divorce (such as the age of the parties, income earned throughout the marriage, etc.), and make a determination on who gets what.
| Asset Type | Examples |
|---|---|
| Real Estate | Primary homes, vacation homes, undeveloped real estate, and other properties |
| Personal Property | Cars, jewelry, and other personal belongings |
| Financial Accounts | Bank accounts, stocks, and bonds |
| Retirement & Investment Accounts | 401(k)s, retirement accounts, IRAs, and other investment accounts |
| Employment Benefits | Employee benefits and retirement benefits |
Oklahoma courts make a clear distinction between marital and separate property in divorce cases. Separate property includes any assets or debts either spouse had before the marriage, as well as any property they received individually through gifts or inheritance. These usually remain with the original owner after a divorce unless they were mixed with marital property through a process referred to as “commingling.”
Marital property, on the other hand, includes any assets or debts either spouse acquired during the marriage, no matter whose name is on the title or loan. This can include income, real estate, vehicles, mortgages, credit card debts, and even retirement savings accumulated while married.
Disputes can arise if separate and marital assets were mixed during the marriage, such as if one spouse used marital funds to improve a home they bought before marriage. In those cases, the court reviews the facts carefully, including tracing of bank statements, to determine how much of the increase in value should be treated as marital property.
Judges do not follow a strict 50/50 rule when it comes to dividing property in a divorce case. Instead, they focus on what is “just and reasonable,” which means they have the flexibility to consider many factors. Judges look at the length of the marriage, the relative financial position of each spouse, and how each contributed to the acquisition of property or debt. Contributions are not limited to direct income or purchases. Homemaking efforts, childcare, and support of a spouse’s career are relevant, too.
Courts also consider debts, tax consequences, and whether one spouse will have custody of children. If necessary, the court may assign property to one spouse, instruct spouses to sell property, or order cash payments to balance the division. That way, they can find solutions that match the realities of each case.
Accurate valuation of assets is key to the property division process. Courts need reliable figures to determine what is fair. For instance, real estate often requires an appraisal to establish its market value. Vehicles, jewelry, and other personal property might need expert evaluation or documentation of resale values. Valuing business interests is even more challenging since spouses might need financial statements, tax records, or professional analysis to calculate a company’s value.
If spouses disagree on the value of an asset, family law judges have the authority to decide whose evidence is more credible. The court may accept professional appraisals, financial records, and testimony. Without solid valuation, spouses risk losing their fair shares of the marital estate. Strong documentation and professional opinions can help divorcing couples facilitate a property division process that reflects the actual value of the assets involved.
Retirement savings often form a significant part of the marital estate in Oklahoma divorce cases. Contributions to these savings made during the marriage are generally considered marital property, even if the account is only in one spouse’s name. Courts can divide pensions, 401(k)s, IRAs, and similar accounts as part of a property settlement.
A special order called a qualified domestic relations order (QDRO) is necessary to carry out the division of certain plans. This order allows spouses to transfer funds without triggering taxes or penalties.
Courts may award a percentage of an account balance or calculate a reasonable share based on how many years of the marriage overlapped with employment. Military and government retirement benefits follow specific statutory rules, which can affect how they are divided.
You are not alone at any stage of the divorce process. Our firm is here to help. To get in touch with us, call our legal team at 405-364-8300 or complete our online contact form. We offer a no-obligation consultation so you can understand your options before making a decision.
