Retirement Funds In Divorce
When you are going through a divorce in Oklahoma, you are going to have to come to some sort of agreement on how assets will be divided. If you cannot come to an agreement then the court will step in and make all decisions about the distribution of possessions. You can see how it is easier to try and negotiate with your spouse instead of letting the courts decide for you. It also helps to have working knowledge about how Oklahoma courts handle division of assets and debts in a divorce. The two things that are most fought over in court are the home and retirements funds. What happens to retirement funds in divorce? There is a lot of confusion surrounding this subject and we are going to try to unravel some.
Do I Have To Split My Retirement Funds?
In Oklahoma, we follow what is called the Equitable Distribution Standard. This means that unless you have a preexisting document that states how things should be divided in a divorce (i.e. a prenup) then the court will look at what is most fair. This includes your retirement funds. It all is going to be up to the court to decide whether or not is individual property or marital property.
Are Retirement Funds Marital Property?
You would think that just because your name is the only one on the account that it is yours. But that is not always the case. The court is going to look at what funds were used to create that account. If you created the account with money from a separate property (income from a prenuptial agreement or prior to your marriage), then it is likely the account will not be divided. However, if the account was created with funds you earned while married, it may be considered marital property. This is due to the fact that most married couples share funds.
Contact A Sapulpa Divorce Attorney
Keri D. Palacios specializes in family law and can help guide your through your divorce and division of assets. If you have any questions, call now at 918-948-9270 or send a message here to get the representation you deserve.