Making wise decisions regarding financial assets after divorce
Spouses should make sure that the financial assets they retain following divorce will adequately meet their living needs in the future. Any asset division agreements should be put into writing and made official by the court, so they can be enforced when necessary. Spouses should also make sure that they claim what they are entitled to when it comes to finances, rather than using these financial assets as bargaining chips when it comes to child custody and visitation.
In addition, not only should spouses focus on assets, but they should also focus on liabilities. For example, even if a divorce decree says that one spouse will be responsible for credit card payments, should that spouse fail to make such payments, the other spouse may still be on the hook for them. If possible, it may be best for such accounts to be paid off and closed before the divorce is finalized.
As this shows, there are a number of considerations Oklahoma spouses must make when it comes to property division. Oklahomans should also be aware that Oklahoma is what is deemed an equitable division state. This means that property may not be a fifty-fifty split. Instead, a judge has the discretion to divide the property based on what is deemed to be fair, which may result in one spouse walking away with a larger share of property than the other spouse. Any spouse who is concerned about this or has other questions regarding property division in Oklahoma may want to discuss the matter with an Oklahoma family law attorney.