There are many factors that will impact the outcome when dividing property in divorce. They include the length of your marriage, presence of children, income and assets, and individual needs. One important factor that will play a large role in the outcome of the distribution of
your marital assets and debts is the location of your divorce. Each state has its own set of rules for the division of assets in the event of a divorce. A court here in Oklahoma, for instance, has significantly different guidelines for dividing assets than a Texas court. There are two general categories of rules of the division of assets in the U.S.: community property and equitable distribution. When dividing property in divorce Oklahoma uses the Equitable distribution method. Here is a look at these two systems and the impact they have on those divorcing under them and the divorce process in Rogers County.
Community Property and Dividing Property in Divorce
The regime of community property is less applicable today, as is equitable distribution. The following nine states apply community property laws when dividing property in a divorce: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. In addition, couples in Alaska have the option to “opt in” to a community property system, though it is not a requirement. The community property regime originated out of Spanish law, which accounts for its predominate use in the southwestern states.
In a community property state, both spouses are considered equal owners of all marital assets. Generally, whatever each spouse earns or acquires during the marriage is considered to be owned by both spouses, regardless of who actually earned it or whose name is on the title. In the event of a divorce, all marital assets are divided 50-50. There are a few state exemptions to this rule. In the nine community property states, judges will not usually take into account the length of the marriage or a spouse’s age, health, or employment prospects in dividing property. These factors may, however, become important in awarding alimony. Community property states often have generous alimony laws supposedly making up for the fact that the division of assets occurs with little individual consideration.
Equitable Distribution – When Dividing Property in Divorce
The equitable distribution system is the most common and popular method when dividing property in divorcy. Equitable distribution is applied in the 41 states not enumerate above, including Oklahoma. Oklahoma is an equitable distribution state in which marital assets, and debts, are allocated to each spouse on the basis of what is fair and just. Courts will take into account the individual circumstances of the each individual spouse, and then divide accordingly.
Oklahoma’s laws concerning marital property division arein Oklahoma Statutes, Subsection 43.121(B). Some factors an Oklahoma court will consider in dividing property in divorce include:
- The length of the marriage
- Each spouse’s age, health, and education
- A spouse’s contributions to the training or education of the other spouse which resulted in an increase in that spouse’s earning capacity
- Each spouse’s financial contributions to the marriage
- Each spouse’s non-financial contributions to the marriage, including household duties, child-rearing and support towards the stability of the family
- Disposal of marital assets during the marriage or divorce
- The market value of the assets
- Tax implications
- The value of each spouse’s non marital assets, such as separate inheritances
- Each party’s need for financial security
It is clear from the factors above that equitable distribution does not always mean equal. Comparing the two systems, you can see how the outcome of one’s divorce could vary significantly depending upon the state you reside in.
Contact a Claremore Divorce Attorney:
If you are considering a divorce the Claremore Attorneys at Kania Law Office can help. We can help with dividing property in divorce and any child custody issues that you may have. Call Our Attorneys at (918) 379-4872 to schedule a free consultation to discuss your divorce options or review our attorneys blog for more information.
