The original divorce decree awards the following marital property to husband: "H-3. All sums, whether matured or unmatured, accrued or unaccrued, vested or otherwise, together with all increases thereof, the proceeds therefrom, and any other rights related to any profit-sharing plan, retirement plan, Keogh plan, pension plan, employee stock option plan, 401(k) plan, employee savings plan, accrued unpaid bonuses, disability plan, or other benefits existing by reason of the husband's past, present, or future employment." During the marriage, husband earned overriding royalty interests by reason of his employment. Overriding royalty interests are basically contractual rights to receive a % of proceeds from oil and gas production. I'd like thoughts as to whether the ORRIs were awarded to hubby
Divorce is the process of formally ending a marriage. Divorces may be jointly agreed upon, resolved by negotiation, or decided in court.
Community property refers to property that is acquired after marriage and considered owned by both spouses. Nine states use this system.
by attorney Howard M Lewis
The issue of how to divide property comes up in most divorces, which is why its important to know if you live in a community property state or an... more