How does the game determine if I can wield a weapon with two-hands?

I know that wielding a weapon with two-hands allows you to wield weapons you normally don't meet the strength requirement for, but I'm uncertain exactly how the game calculates this.

How does the game determine if I can wield a weapon with two hands?

Wielding two-handed increases your effective strength by 50%. So, if a weapon requires 24 strength, you can two-hand it with just 16.

This same rule does not apply to dexterity though! You can't increase your effective dexterity by dual-wielding. If a weapon has a dex requirement, you need to meet that requirement fully to be able to wield it effectively.