Equitable Distribution
In Oklahoma, the division of property in a divorce is based on the principle of equitable distribution. This means that the court will divide the marital property in a way that is fair and just, but not necessarily equal. When it comes to the family home, there are several factors that the court will consider in determining who gets to keep it.
Property Division Laws in Oklahoma
Divorce is a difficult and emotional process, and one of the most challenging aspects of it is dividing property. In Oklahoma, property division laws are based on the principle of equitable distribution, which means that marital property is divided fairly but not necessarily equally.
Marital property includes all assets and debts acquired during the marriage, regardless of whose name is on the title or account. This can include the family home, cars, bank accounts, retirement accounts, and even pets. Separate property, on the other hand, is property that was owned by one spouse before the marriage or acquired by gift or inheritance during the marriage.
When it comes to the family home, there are several factors that the court will consider in determining who gets it. The first factor is whether the home is marital or separate property. If the home was owned by one spouse before the marriage, it is likely to be considered separate property and will not be subject to division. However, if the home was purchased during the marriage, it is likely to be considered marital property and subject to division.
The court will also consider the financial situation of each spouse. If one spouse has significantly more income or assets than the other, they may be more likely to be awarded the home. This is because the court may determine that the other spouse is better able to start over with a new home or rental property.
Another factor that the court will consider is the best interests of any children involved. If one spouse is awarded primary custody of the children, they may also be awarded the family home in order to provide stability and continuity for the children.
If both spouses want to keep the family home, they may be able to negotiate a buyout agreement. This means that one spouse will pay the other spouse for their share of the equity in the home. For example, if the home is worth $300,000 and there is a mortgage of $200,000, the equity in the home is $100,000. If one spouse wants to keep the home, they may agree to pay the other spouse $50,000 for their share of the equity.
If the spouses are unable to agree on who gets the family home, the court will make the decision for them. The court may order the home to be sold and the proceeds divided between the spouses, or they may award the home to one spouse and order them to buy out the other spouse’s share.
In addition to the family home, other assets and debts will also be divided during the divorce process. The court will consider factors such as the length of the marriage, each spouse’s financial situation, and the contributions of each spouse to the marriage when making their decision.
It is important to note that property division laws in Oklahoma only apply to divorces. If you are in a long-term relationship but are not married, you may not be entitled to any property or assets acquired during the relationship.
In conclusion, property division can be a complex and emotional process during a divorce. In Oklahoma, the court will consider several factors when determining who gets the family home, including whether it is marital or separate property, each spouse’s financial situation, and the best interests of any children involved. If you are going through a divorce and are unsure about how your property will be divided, it is important to consult with an experienced family law attorney.
Conclusion
In Oklahoma, the court will divide marital property equitably between the spouses in a divorce. This means that the court will consider various factors, such as each spouse’s contribution to the marriage, the length of the marriage, and each spouse’s financial needs and resources, before making a decision about who gets the house. Ultimately, the court’s goal is to ensure a fair and just division of property between the spouses.
