Debt and Property Division in Tulsa, Wagoner, Rogers & Surrounding Counties
If divorcing spouses cannot agree on how to value and divide their property, financial assets, and debts, the Court will decide what is fair and equitable when it comes to debt and property division in Wagoner, Rogers, Tulsa, and other surrounding counties. Property subject to division includes everything from business interests and professional practices to real estate and household furnishings. Financial assets include retirement plans, deferred compensation, stock options, investments, banking, and other financial accounts.
The first determination to be made is what assets and debts are joint or marital and what assets and debts are separate. Depending on the facts of the particular case, there may be assets which are separately owned by one of the divorcing spouses. For example, property might be separate in nature if one party acquired the property before the marriage, was given property as a separate gift, or receives an inheritance. Property might change in character from separate property to joint property, or a portion of certain property might be joint and a portion separate, all depending on the particular case. Debt division is handled in the same manner. The judge will decide what debt is marital debt, what debt is separate debt, and who will be responsible for paying it.
After all marital property and assets are identified, the question becomes one of valuation. Values can be determined by financial statements, periodic bank and account statements, appraisals, business valuations, and the like. Once values are determined, a decision must be made as to how to divide it in a fair and equitable manner.
If you have questions about whether your property and debt will be considered joint or separate, how value might be assigned to your joint marital property, and how a judge might decide the issue of property division in your particular case, please contact us to schedule a confidential legal consultation with Moura Robertson.
