Asset Division after Divorce in Tulsa
A divorce is an engaging undertaking that usually drains both parties especially if there are court contestations. Asset division is one of the most notable areas of contention.
Division of property begins once a divorce is finalized. The legal principle of division is guided by the definition of assets notably family and separate property. All family assets are split into equal halves. The process is not straightforward, though.Some financial assets including and not limited to stocks, stock options, differed compensation, debt, mortgages and other items on your family portfolio can be quite chaotic to calculate and divide. It may require an expert in accounting and auditing to understand your financial position.
Most people forget that liabilities are family property too if they were not inherited from one spouse at the time of marriage. A divorce Tulsa attorney is better placed at advising you on this sensitive area.
Lately, the definition of separate property has been subject to numerous legal precedents. Only through consultations with a legal expert can you understand what separate property is and what is not.
On the onset, each party has property before joining the marriage. This property remains separate when it comes to division. However, this may not hold if the property has appreciated in value. In such a case, the amount of appreciation is family property.
If it has depreciated, that is a matter that the courts ought to decide. If the property has been used and integrated into other family property, the whole property may be deemed family property and therefore subject to equal distribution.
When it comes to asset division, remember the following;
- Family property should be split equally between spouses
- Children can determine property division.
- Separate property includes property that is inherited or owned by one party before or after the marriage.
- Consult with a legal expert preferably a divorce Tulsa lawyer for guidance if the process is contentious.
- You can always have an asset division amicably with minimal help of an expert if you believe you are ready to do so.
- You can contact a divorce Tulsa Lawyer anytime.