How Oklahoma Family Law Courts Handle The Division of Debts & Assets

In this article, you can discover:

• The equitable method of division that Oklahoma family law courts use in divorce cases.
• How equity is considered and managed in the distribution of debt and assets in Oklahoma.
• What divorce attorneys at our firm are doing to support survivors of domestic violence as they go through this process of a divorce.

What Factors Impact The Division Of Assets And Debts In An Oklahoma Divorce?

Some states in the U.S. handle the division of assets and debts on a 50/50 split. Oklahoma, on the other hand, does not use an equal division of assets method. Instead, our state divides marital assets and debts equitably.

This means that our laws recognize a range of factors to create a comprehensive, balanced division of marital finances based on what has been accrued or acquired throughout the duration of your marriage.

One of the easiest ways to understand this concept is by the use of the following examples:

A homemaker in Oklahoma would be less likely to afford to pay off assets on credit like an expensive sofa than would their working spouse. So, instead of awarding the homemaker extra spousal support to accommodate for this expense, the court may award that spouse the sofa itself.

Alternatively, if there is a remaining note on an asset such as a home or a vehicle, the courts will typically employ the method: “Whoever takes the car takes the note, and whoever takes the house takes the mortgage.”

However, when considering the asset of a home, the court will take into account the equity of the property. Therefore, if there is equity in the house, the court will calculate the fair market value of the house, deduct the mortgage, and equitably divide the remaining equity between both spouses.

To do this, you may refinance the home to get the other spouse’s name off of the mortgage. Or, if you are unable or unwilling to refinance the home, you could place it on the market to be sold.

Can A Family Lawyer Help Me With The Division of Debts & Assets As A Domestic Abuse Survivor?

Because our family law firm works with many survivors of domestic abuse, we have been advocating to see the hardship that a survivor has endured reflected in the equitable division of debt and assets. With this in mind, some added financial consideration can be included in these decisions to accommodate our clients for their reduced opportunity to thrive during the time of their marriage.

By assigning a larger portion of debts to the abusive (and therefore advantaged) spouse and assigning a larger portion of assets to the victimized (and therefore disadvantaged) spouse, we believe that a more accurately equitable distribution of assets is achieved. What’s more, this approach can provide a greater opportunity to uplift the members of our community who may need it most.

For more information on Division Of Assets And Debts In An OK Divorce, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (918) 890-0881 today.