Understanding Marital & Nonmarital Property In Your Oklahoma Divorce
If you have not gone through a divorce, you may not know about the designation between marital and nonmarital property. The two terms can be confusing but essential to know about when dividing property after divorce. Below is a brief definition of each:
- Marital property — belongings acquired by a couple during a marriage’s duration, even property titled under one spouse’s name
- Separate property — possessions and assets gained before marriage, personal gifts and inheritance
Often, however, the line between marital and nonmarital property is not immediately apparent. In fact, many of a couple’s assets are commingled.
What Is Commingled Property?
There are many situations in a typical property division case where some property that was once separate is now commingled.
Separate property gets commingled when the other spouse contributes to the welfare of the property, such as devoting time or money thus preserving and possibly adding to its value.
For example, a house initially purchased before the marriage by one spouse can become commingled if the other spouse materially participated in ownership by helping with the mortgage payments. Another example is a business acquired before marriage by one spouse that the other spouse works at, growing sales and building market share.
Helping You Uncover All Property And Its Status
I am attorney Nick K. Woodward, and at my firm, Woodward Law Firm PLLC in Tulsa, Oklahoma, I have extensive experience handling property division of all types for family law matters.
I know how to identify martial property, nonmarital property and assets that are commingled. I will use my skill and knowledge to advocate for its fair division in your case.
Contact Me Today To Learn More
The discovery of all assets in a marriage takes the skill of a qualified lawyer.
If you have complex assets or have questions about dividing a family business or other assets, like a 401(k), call my office to schedule a free consultation: 539-777-2802. You can also fill out an online form.