Facts You Should Know Before You Opt for a Divorce
Divorce can be hard for anybody. There can be a lot of rules and regulations related to the compensation and alumni. Without a proper lawyer, you can get perplexed. So, if you are planning for a divorce, it is better to hire divorce lawyers in OKC to understand the property division after divorce.
Using a Prenup to Avoid Property Division Requirements
It is not unusual for high net worth couples to perform a prenuptial agreement before they get married. Why? A prenup may allow the couple to sidestep divorce laws in the state of California. Couples can avoid the demands of estate division.
In Oklahoma, every spouse in a divorce is entitled to one-half of all community property. It can be hard to
Define and price the assets and
Determine who receives what. The spouses can hash out property division information in advance with a prenuptial agreement and not necessarily worry about creating even a 50/50 split.
It is essential to remember that a tribunal still must sign off on how the property is divided, even if there is a valid prenup. The judge will search for any signs that the agreement has been signed under duress or if it unfairly advantages one wife over another. In most instances, unless there is clear proof of misconduct, prenup conditions will be maintained.
How Couples Can Divide Property Bowen and her husband negotiate the terms of their divorce privately?
Everyone agreed to divide the marriage property substantially down the center at the end of the negotiations. Once they agreed to share the assets equally, they also had to find out how to divide each individual asset. To ensure that each wife receives half of all estate, they must:
Identify all assets, including income, pension benefits, royalties, real estate, stocks, vehicles, and anything else of value.
Place a value for each asset.
Once assets are recognized and appreciated, there are a few methods to start the process of division and distribution.
Liquidate and split profits: couples may choose to sell their property and split earnings equally. This may prove challenging for certain assets that cannot be sold readily.
Allocate items of similar value: If spouses are not keen in selling off their property, they may go through a more thorough process. If one spouse wants to retain sole ownership and rights to a $100,000 retirement plan, the other spouse is then entitled to property that is also valued at $100,000. Or, the other spouse could choose multiple items that, when valued together, would be equal to $100,000. This process continues until each spouse assumes ownership of an equal share of their marital property.
Assume Debts in the Place of Property:
Spouses don't just have to worry about their assets. Each of them is also responsible for one-half of any debts they have. A spouse could agree to take on a substantial share of the debt of the couples in return for a bigger proportion of the marital estate. For example, one spouse might really want a family home. If a mortgage loan encumbers the home, the spouse could offer to assume the debt. If the other households agreed, they would have to give up less in return for the house.
Since most property division negotiations are conducted privately or with the help of a mediator, spouses maintain a lot of control over the process. It is essential to define which assets you want to maintain and which you are prepared to give up. If you want to maintain most of the estate, you can always consider assuming more than your share of the marriage debt.
Come to Foshee and Yaffee for divorce lawyers in OKC and avoid every hassle of the process.
**Disclaimer: This content is not to be construed as legal advice nor does it establish terms of a client-attorney relationship.