How to Divide Assets in a Divorce
In many cases, people who have decided to enter into divorce actions do not realize that the division of property and assets can be quite complicated. While two individuals who have decided to end their marriage typically don’t have a problem agreeing not to live together, it is often a different story when it comes time to divide the things you have worked so hard to acquire. In fact, dividing marital assets can be one of the most difficult tasks faced by those who are divorcing. Even when the divorce is amicable, figuring out who gets what can get pretty tricky. In order for the divorce process to go smoothly, it is important that you understand your rights when it comes to the division of property. This is where the asset division attorneys at AMA Law come in. We have helped thousands of couples throughout Oklahoma go through the divorce process as seamlessly as possible. Whether you and your spouse are making an effort to divorce as problem-free as possible or you believe you have a more complicated divorce on your hands, we can help.
Understanding Property Division
It should be noted that state laws typically govern issues of property division in the event of a divorce. State laws outline two different property division methods – community property and equitable distribution. In order to better understand how your assets will be divided, it is important that you have a good grasp of the basics of property division. Let’s take a brief look at the two property division methods mentioned above:
- Community Property states that each spouse is entitled to half the property acquired during marriage. Keep in mind that not all property is community property; some spouses may have acquired property of their own during the marriage.
- Equitable Distribution refers to the court dividing a couple’s assets in a fair – or equitable – manner. The court will take into consideration what is fair for both spouses, which may or may not equal division of assets.
Regardless of whether you and your spouse agree on property division on your own, or involve the court, there is a lot of work and planning that goes into this aspect of any given divorce. From completing a property division to planning for tax impacts, it is a complicated process to say the least.
A divorce is never easy, but if you and your spouse can agree on how some your assets will be divided, chances are your divorce will go a little smoother. Here are a few additional tips to keep in mind when it comes to property division in divorce:
- Not all is fair in divorce and property division. Remember that state laws vary in regards to property division, which is why it is absolutely imperative that you understand your state’s laws on assets in a divorce. Keep in mind that in an equitable distribution, the way in which your property is divided may not come across as ‘fair’ to one spouse or another.
- Make a complete list of your assets. Before you do anything, make a list of all assets owned equally and separately. This is the first step to a smooth divorce. Your list should include items such as your home, any other joint property or land, bank accounts, vehicles, valuable collectibles, household items, and so on.
- Play nice, if possible. Finally, do your best to ‘play nice’ with your soon-to-be ex. If you can divide your assets in an amicable way, your divorce will be far less stressful and messy.
To learn more about property division in the event of a divorce in Oklahoma, please contact AMA Law right away.