The possessions acquired by a married couple in the course of the marriage are referred to as marital property, although this distinction doesn't come into play unless a couple is getting divorced. State laws regulate the division of property (including debts and other assets and liabilities) upon the dissolution of marriage. While some states recognize the concept of community property, in which all property acquired during the marriage is generally split 50/50, most states take a more delicate approach based on each party's needs and other factors.
Oklahoma Marital Property Laws at a Glance
Like many states, Oklahoma repealed its community property statute and uses the concept of equitable division to determine who gets what, primarily based on the needs, income, and contributions of each party. If children are involved, then those expenses also would be figured into the decision. Oklahoma courts will accept a written agreement on how marital property is to be divided, but will intervene in the event an agreement cannot be reached.
See the following chart for additional information about Oklahoma's marital property laws, and FindLaw's Divorce and Property section to learn more.
|Relevant Code Section||§43.121|
|Community Property Recognized?||Repealed (§43-215)|
|Method of Property Division||Equitable division (judge determines a "just and equitable" division of marital property that considers each party's needs and means)
|Dower And Curtesy||Dower and curtesy abolished (§84-214)|
Note: State laws are always subject to change, typically through the passage of new legislation or the issuance of higher court decisions. Be sure to contact an Oklahoma divorce attorney or conduct your own legal research to verify the state law(s) you are researching.
What Is Considered Marital Property in Oklahoma?
The first step in dividing property in a divorce is to separate property into categories: marital and separate property. Separate property is that which was acquired before the marriage, inherited, or received as a personal gift. Marital property is everything else acquired during the marriage, without regard to whose name is on the title. The only times the court may order the payment of separate property to the other party is to help with childcare costs or if one spouse has very little income potentional compared to the other.
Research the Law
Oklahoma Marital Property Laws: Related Resources
Contact a qualified attorney.