Property Division Attorney in Oklahoma

Helping Divorcing Spouses Obtain Fair Outcomes for Their Legal Issues

If you and your soon-to-be former spouse are going through a divorce, you are probably anxious about who will receive your assets. The division of property is one of the most contentious aspects of any divorce.

Often, a custodial parent is concerned about what will happen to the marital home when the divorce is finalized and whether they will have a place to raise their children. In other instances, high-earning couples may argue over asset division and debt acquired during the marriage.

Although Oklahoma is an “equitable distribution” state, that does not always mean equal distribution of assets. Additionally, some individuals try to hide assets to try and avoid having to split them with their spouse.

Regardless of your concerns, hiring an experienced property division lawyer to act as your legal advocate and ensure your rights and financial resources are protected is in your best interest.

Contact Parsons, Graham & Day, LLC of Tulsa, OK, and ask to schedule a free consultation to discuss your concerns and learn how we can help.

What is Considered Marital Property in Oklahoma?

Oklahoma law stipulates that assets acquired by either spouse during the marriage may be considered marital property. However, Oklahoma also has laws that differentiate between marital and separate property.

Marital Property

Under the law, most marital assets are subject to equitable distribution, with common examples including:

  • Income earned by both spouses during the courses of the marriage.
  • Vehicles purchased by the spouses while married.
  • Any real properties acquired by the couple during the marriage, such as their home or other real estate holdings.
  • High-value assets purchased by either spouse while married, including investments, artwork, jewelry, or collectibles.
  • Property and assets owned by either spouse that increased in value due to the actions of the other spouse while married.

Separate Property

State law recognizes separate property as any assets either spouse owned before marriage. However, there are some exceptions to the law regarding specific assets, which include:

  • An inheritance or gift received while married. However, receiving an inheritance from a deceased parent or other relative is still counted as separate property.
  • Compensation payouts, assets, or debts acquired before the marriage.

When discussing the transmutation of separate property or inheritance rights, it is always best to consult an experienced attorney like Parsons, Graham & Day, LLC, who will gladly answer your questions.

What Factors Does the Court Consider When Dividing Marital Property?

In some cases, divorcing spouses can independently plan how their marital assets should be divided. However, reaching a mutual agreement independently can be challenging when the couple has substantial or non-liquid character assets such as vehicles, real estate, or business equipment.

When spouses cannot agree on terms, the judge overseeing the case will review a variety of factors to try and reach an equitable distribution of assets, which include:

  • The duration of the marriage.
  • Child custody and support obligations for each spouse.
  • Each spouse’s health.
  • The financial value of the separate property owned by each spouse.
  • Any other income that either spouse may receive from retirement benefits, stocks, or investments.
  • Contributions made by both spouses during the marriage.
  • The earning potential and employability of each spouse.
  • Tax consequences for each spouse.

Even though the court will analyze specific factors when determining property division, it is always wise to have a skilled attorney act as your legal advocate to ensure you receive a fair settlement.

How Does a Prenuptial Agreement Protect Assets in the Event of a Divorce?

Many Oklahoma couples who wish to protect their assets sign prenuptial agreements before marriage. A prenuptial agreement outlines several essential financial aspects for the couple, including who owns what property coming into the marriage, how property should be divided in the event of a divorce, and the amount and duration of spousal support.

For example, an individual who wishes to protect a family business should have a qualified attorney draw up a prenuptial agreement that protects their hard-earned investment should the marriage not last.

However, if you have signed a prenuptial agreement, it is still advisable to allow your attorney to review the document to ensure it is valid. Some of the many legal issues that can invalidate a prenuptial agreement include:

  • Incomplete disclosure of financial assets.
  • A spouse was unduly pressured into signing the agreement.
  • A spouse was not given adequate time to allow an independent attorney to review the document to ensure it was in their best interests.

If you have previously signed a prenup, allow our Tulsa, OK, law office to review it to ensure that there are no legal issues that would cause it to be deemed invalid by the court.

Can Your Property Division Attorneys Help Me Reach a Fair Settlement in My Divorce Case?

Parsons, Graham & Day, LLC has vast experience helping clients obtain fair settlements in divorce cases. Our legal professionals will utilize many investigative resources to ensure that all financial assets and resources are identified so they can be included in a property division settlement.

If you suspect that your spouse is guilty of economic misconduct, such as hiding funds, or are concerned about your future financial circumstances, you must hire an attorney who will fight to protect your rights.

When you choose us to help you resolve property division issues, our dedicated legal team will thoroughly analyze all of your joint finances, properties, and other income sources subject to state law. For example, just because a home or vehicle is only titled in your spouse’s name, it does not automatically mean it will be granted to them in a divorce.

Contact Parsons, Graham & Day, LLC of Tulsa, OK, by calling 918-553-5771 and ask to schedule a free, no-obligation consultation to discuss your case and learn what legal options are available.