Offering Strategic Property And Debt Division In Your Oklahoma Divorce
Property division in a divorce covers several areas, including the division of debt, assets, retirement funds and owned property such as homes and vehicles.
Oklahoma practices equitable division, which means that the distribution of marital property will not always be equal, but fair in the judge’s eyes.
Retirement Asset Division
The complexity of dividing martial assets, such as retirement assets, in a fair manner is worth the payoff, whether that is decades or years down the road. However, choosing a lawyer with proven competency in retirement asset division in a divorce is important to protecting your future.
If you are like many Americans, you have acquired some debt during your marriage. The division of debt is also equitable in the state of Oklahoma, meaning that debt division will not necessarily be equal but allocated to each party in a fair manner.
Secured debt, such as a car loan, will be the responsibility of whoever receives the car in the division of property. Unsecured debt, such as a student loan, will be the responsibility of the person going to school to get the degree.
If a student loan was used during the marriage for expenses not related to school, it could be considered a marital debt that is the responsibility of both ex-spouses. Loans initiated before the wedding will remain the sole obligation of the person who took them out.
Utilizing My Knowledge To Help You
I am family law attorney, Nick K. Woodward. Experienced in family law property division and debt, I take the time at my Tulsa practice, Woodward Law Firm PLLC, to analyze both property and debts in a divorce and help clients find a satisfactory solution.
Since every circumstance is different, I take a strategic, personalized approach to these important issues.