Oklahoma Divorce & Finances
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The separation of joint finances during a divorce can be a hassle, and may spark a number of questions. How will the court divide property? What are the tax consequences of your divorce? Do you and your ex-spouse have estate planning issues to settle? Will there be spousal support payments awarded, and if so, how much and for how long? The following are laws specific to Oklahoma Divorce and Finances.
Oklahoma Property Division/Community Property/Debts:
Oklahoma is an “equitable distribution” state. Marital property will thus be distributed on terms considered to be fair. Note that “fair” does not necessarily mean equal. In the equitable distribution adjudication, the court will consider, among other things, the contributions of each spouse to the marital estate, the total value of the properties of the parties, the economic circumstances of each party, any misconduct that may have occurred, and the amount of spousal support awarded.
Oklahoma Spousal Support:
There is no automatic obligation for either spouse to support the other in the event of a divorce. Where the court does grant spousal support (also called maintenance or alimony), it does so on a case-by-case basis and in consideration of many factors, including:
- The financial resources of the party seeking support,
- The time and input of resources necessary for the party seeking maintenance to find appropriate employment and sufficient education/training for that employment,
- The established subjective standard of living during the marriage,
- Marriage duration,
- Physical and emotional condition of the party seeking maintenance,
- The ability of the would-be payor spouse to meet his/her own needs while meeting those of the other spouse, and
- Any other factors the court deems relevant.
- Note that the spousal award amount and duration, once determined, are not set in stone. The court may adjust or eliminate the award if circumstances justify doing so, for instance if the receiving spouse enters into another marriage or similar arrangement, or one party experiences a material change in financial circumstances.
Oklahoma Divorce/Child Support/Child Custody Lawyers:
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