What is division of marital property?

Division of marital property is the process of determining who receives what property and assets after a divorce. In the state of Oklahoma, the law states that all marital property must be divided “equitably”, which means fairly, between both parties when a divorce is granted. This includes all assets and property that were acquired during the marriage. This includes real estate, vehicles, bank accounts, investments, furniture, and other household items. Equitable division of assets requires both parties to disclose any financial and property assets that are owned prior to the divorce proceedings. It’s important to note that not all property is subject to equitable division. Generally, property acquired prior to the marriage or an inheritance is not subject to division. Any property acquired after filing for divorce is also not subject to division. The court will make the final decision regarding the division of property in a divorce. Judges consider a variety of factors when making this decision, including each spouse’s age, health, occupation, education, earning history, and contribution to the marriage. In the end, the judge will make sure that each spouse receives a fair and equitable division of the marital property.

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