Financial Disclosure in Oklahoma Divorces
Divorce is a time of great upheaval and emotional stress. Separating finances is a big part of a divorce. Financial disclosure is a fundamental requirement in all divorces, and Oklahoma is no exception. Here is what you need to know.
Oklahoma law provides that parties to a legal action may obtain discovery regarding any matter that is relevant to any party’s claim or defense as long as the information is not protected by privilege (Okla. Stat. tit 12 § 3226).
Parties to a divorce action must end their emotional and legal relationship. Ending that relationship includes dealing with their financial assets and liabilities. Financial disclosure is fundamental to the process and is required under Oklahoma law.
What Financial Disclosure Includes
Financial disclosure can be a difficult task in many cases. It is more difficult when assets are entangled or complex. Complex finances include large assets, large amounts of personal property, or those with one or more businesses.
Courts frown on a divorcing spouse who fails to disclose assets. Sometimes, this is a matter of inadvertent omission. Other times, it is a matter of deliberate exclusion. Either way, it is better to be overinclusive rather than underinclusive in a financial disclosure during a divorce. Just because you disclose it does not mean the court will give it to your ex.
In essence, all marital and personal assets that are valued at $100 or more must be disclosed to both your spouse and the court. Personal assets include assets obtained before the marriage and things such as an inheritance. Any questions you have regarding what you need to include should be brought to an experienced Tulsa divorce attorney.
In the disclosure, you can note what you believe to be marital and personal assets. In addition to assets, you must also disclose your net income. Net income can be determined by taking your gross income and subtracting taxes, retirement plan contributions, insurance, and the like.
Finally, you should also disclose all debt payments that you are making. These payments are also important to understanding the true nature of a divorcing couple’s finances.
Prohibitions on Taking Assets
All Oklahoma divorce judges issue an automatic injunction that prevents both the filing party and the responding party from taking, selling, encumbering, or otherwise hiding or controlling any of the marital assets.
This includes all cash assets, real and personal property, insurance policies, retirement, and stock accounts. A responding party has only three days to object to any portion of the automatic injunction. The automatic injunction does not prohibit the payment of ordinary living expenses.
It is important that you fully understand your rights and obligations to the court and to your ex during this time. Likewise, if you think your ex is attempting to hide or manipulate assets, bring your concerns to an experienced Tulsa divorce attorney as soon as possible. Your attorney can help prepare your financial disclosure and assist you if your ex is attempting to hide or manipulate assets.
Free Consultation with a Tulsa Fathers’ Rights Divorce Attorney
If you’re going through a divorce in Oklahoma, it’s important that you understand what financial disclosure is required. A Tulsa Fathers’ Rights lawyer committed to protecting your legal interests can assist you. Contact their office for a confidential free consultation. Call (918) 986-7724 or send an inquiry using the contact links on this page.