Oklahoma City Property & Debt Division Attorney
Helping Find Equitable Solutions for All Parties
One of the more highly contested aspects of a divorce settlement, beyond custody issues, is the division of debt and property. Property and debt are divided “equitably” in divorce cases in Oklahoma. This leaves some litigants frustrated when they anticipate a 50/50 division of all assets, however, the court must weigh many factors when determining how to divide the assets and debt of the marriage. Most cases result in a 50/50 division of the net marital equity, however, after debt is taken into account.
With the help of our highly skilled lawyers, you can move forward knowing that you have an experienced, knowledgeable team to defend your best interests in court.
How Is Property Divided in a Divorce in Oklahoma?
There are many factors taken into account when the courts divide a separating couple’s property, such as each spouse’s:
- Contribution to the marital assets.
- Earning potential outside of the marriage.
- Childcare costs.
- Medical requirements.
- Accumulation of debt
- Retirement assets and pensions
- Health and age.
Do you have more questions regarding how assets may be divided in your divorce? Contact us today to schedule an appointment with our team.
Other factors, such as the length of the marriage and tax liabilities, will come into play as well. When you are dividing marital assets, it is important that you work with experienced divorce attorneys and financial specialists who can help you assess and equitably divide your marital assets.
What Is Marital Property and Separate Property?
Marital property is any property or asset that was accumulated or earned during the marriage. Examples can be the marital home, retirement contributions, vehicles bought with joint accounts, and more.
Separate property is anything that either party owned prior to getting married, and is not subject to the division of the court in a divorce case. Separate property is going to be that property which was owned outright by the parties prior to their marriage. If they property is subject to a mortgage or a loan at the time of marriage the property may not be considered separate property.
Only a review by the attorneys of Simmons & Associates, PLLC would allow for a more complete analysis and opinion of the property. If prenuptial agreement is in place, the property division will more than likely be impacted as well.
What Happens to the Home After Divorce?
Although you might think of your house as your greatest asset, it might not be the prize you think it is when you get divorced. For many, the family home can be become a financial sinkhole that is best left for someone else to handle. Here are some ways you can limit your financial liability for your family home after you have been divorced.
Sell your home. This is usually the simplest way to break away from an asset you no longer want to own. The money from the sale can be divided with the other assets in your estate when your divorce is settled. Doing this will enable you to find a home that is better suited to the needs of your new financial situation.
One spouse keeps the home. If it makes financial sense for one of you to keep the home, you should definitely consider the option. However, the person who decides to keep the home will essentially be purchasing the second half of the house from the other spouse. Selling the home won’t remove you from the mortgage, instead, you will need to refinance to sort out your debt responsibilities.
Wait to sell at a later time. Sometimes, it’s better to wait for the market to improve before you try to sell your home. However, you should remember that if you choose to wait to sell, the ownership of your home should be treated as a business partnership between you and your former spouse. You can also rent out the home while you wait to sell or you can have one spouse live in the house as tenant.
What If There Is a Trial for My Divorce?
Sometimes the court awards one spouse exclusive use and occupancy of the family home. This usually occurs if there is one of the following things present in the case:
- Domestic violence or abuse against a spouse or children
- A documented history of fear or intimidation
- One spouse left the home and is now living elsewhere
If your divorce goes to trial and you want to keep your family home, you should consider the following things:
- Obtain evidence of your home’s value by getting expert testimony from an appraiser.
- Provide the court with valid reasons why it would be in the interests of your children to remain in the family home. Established personal and business relationships can be used to show why it is so important for you and your children to keep the home.
- Get proof that you are able to refinance the mortgage in your name. If there is equity, you need to show that you can afford to buy out the other spouse’s interest.
Are you concerned about what will happen to your home after your divorce is finalized? Let our team of attorneys help you today. Contact our law firm to schedule a free case consultation.
Simmons & Associates, PLLC Can Help
Our lawyers share more than 75 years of experience in the legal field, and can assist you both in the courtroom and out as you move forward with your divorce proceedings.
Call us at (855) 973-8877 to meet with our client-oriented team and find out how we can fight for you.
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