According to the CDC’s National Center for Health Statistics, there were almost 674,000 divorces and marriage annulments across the 45 states that report these statistics. Divorce is common, but that makes it no less painful and stressful for those involved. 

From a legal standpoint, divorce is not only about the physical separation and legal termination (i.e., “break up”) of a marriage, but also the “breakup” or division of marital assets and debts. There are several ways that courts and states do this. Oklahoma employs a process known as equitable division of assets and debts. 

The information below describes what this entails and lays out the pros and cons. Keep reading to find out how this applies to your circumstances. 

What Is Equitable Division?

Equitable division is a legal concept used in many states, including Oklahoma, to divide property between parties during a divorce.

Note that separate property is generally that which was acquired by one’s spouse before the marriage or acquired during the marriage by separate gift or inheritance. If determined to be separate, it is not subject to division during divorce. 

The court has broad discretion in determining what is a fair and equitable division of marital assets and debts, and what is fair and equitable is not necessarily equal or 50/50 division. The court may consider factors such as: 

• Contributions each spouse made to the acquisition of marital property.
• Non-financial contributions, such as homemaking and child-rearing.
• Whether either spouse committed “waste” of marital property on things such as gambling or an extra-marital affair.

In short, equitable division involves the court taking into account more than merely dollars and cents. It allows courts to weigh what is fair and equitable based on the facts and circumstances specific to the divorcing couple’s marriage.

In contrast, the term community property exists in nine separate states (and Oklahoma is not one of them). In these locations, property and debt acquired by either party during a marriage are generally considered to be equally owned and split 50/50 between the two parties to the divorce. 

This is in contrast to community property states, of which there are nine (and Oklahoma is not one of them). In these locations, property and debt acquired by either party during a marriage are considered shared. During a divorce, it is split 50/50 between the two parties. 

Advantages of Equitable Division

One of the biggest advantages of equitable division is that it is flexible in considering individual circumstances to achieve a fair outcome. Although the term is relative, it increases the chances of a fair distribution of assets based on the history of the marriage and individual needs going forward. 

Another advantage of equitable division during divorce is that it lends to cooperation between parties. It encourages spouses to work together to reach a mutually agreeable settlement based on all the variables at play. 

Drawbacks of Equitable Division

One downside of equitable division is that, due to its subjective nature, it can be more complex and less predictable than other methods of asset division. This makes it more likely to lead to disputes. 

More disputes and additional legal proceedings could draw things out, increasing the chances that the divorce becomes more contentious and costly for everyone involved. 

Learn More About Equitable Division and Asset Division in Oklahoma

Asset division is an important part of divorce proceedings. An experienced attorney can advise you on the right steps to take to get the best possible outcome in a difficult situation. 

Since 1896, our law firm has served the people and businesses of our state and across the nation. Our team of legal experts provides representation in a variety of fields, including family law in Oklahoma. Reach out to us today to discuss Oklahoma property division laws and how they relate to your circumstances.