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3 FAQs about asset distribution during a divorce

On Behalf of | Dec 7, 2022 | Division Of Assets, Divorce

Regardless of the length of a marriage, you and your spouse have accumulated joint assets, debts and potential property.

If the marriage comes to an end, which the Oklahoma State Department of Health tallied 14,941 divorce decrees for the state in 2021, you likely have questions when it comes to the division of assets, income and property.

1. How will the courts determine our property’s value?

The courts base the value of your property on its current market value, which equates to how much a potential buyer would pay for it. Since the market ebbs and flows, as well as the unique elements of your property, the courts determine value by case. Typically, the courts accept appraisals from accepted property websites or real estate agents.

2. How do the courts determine how to divide assets?

In Oklahoma, the courts follow the laws of equitable divisions, which may not result in a 50/50 split. The courts must first determine the difference between marital and separate assets. Key factors the court looks at while determining your asset division include, ability to work, main childcare provider, personal and combined debts, and any misconduct that affected a property’s value.

3. What if I have a pension or military benefits?

While married, any pensions earned get deemed as marital property. Any money earned prior to the marriage stays as separate property. This typically also works for other retirement benefits. If you are in the military, the courts have to follow government guidelines related to Special Monthly Compensation (SMC) or Combat-Related Special Compensation (CRSC), which remain separate. The court considers other military pay and benefits as marital property.

While the courts follow set standards, no divorce comes has the same outcome.