Wagoner Lawyer Blog 2 Posts Tagged 'division of assets in divorce in Wagoner Oklahoma'
The division of property is one of the most contentious issues a couple must resolve in a divorce. Throughout a marriage of any real duration, a couple can amass a surprising amount of property.
For the most part, that property belongs to the couple jointly. A divorce petition asks for several things, including for the court to divide property that belongs to the couple jointly.
In achieving equity between the spouses, judges look at several factors. They will look at the contributions made by the partners to the marriage. But courts will also look at what each partner needs to move on.
A skilled divorce attorney at Wirth Law Office – Wagoner can help you understand how property is divided and how you can fight for what you want to keep.
How property is characterized at the time of a divorce makes a big difference in terms of how that property is treated during the divorce. In Oklahoma, property can either be marital or separate property during a divorce.
Marital property is everything that a couple has acquired during their marriage. This includes tangible items such as cash, investments, homes, cars, furniture, and the like. But it can also include some intangibles such as the goodwill that a business owned by the couple has generated over the years.
Separate property is everything else. However, most property that you own as a married person is marital, not separate.
Transmutation is the changing of how property is characterized under Oklahoma law. It is a legal construct. It allows property to be converted from one type to another.
If you have questions about your particular circumstances, bring them to an experienced Wagoner divorce attorney. Your attorney can help you understand your situation and what options may be available to you.