Understanding Division of Marital Property
Hi, I’m Muskogee family law attorney Justin Mosteller with the Wirth Law Office. One of the most common questions I’ve been asked over the years is: What happens to the marital home in a divorce?
For many people, the home is the primary asset of the marriage, making its division one of the most important property issues in a divorce. Generally, a house is considered marital property if it was purchased during the marriage, purchased with marital funds, or—even if purchased before the marriage—has been paid for with marital income over a long period of time.
Equitable Division by the Court
All marital property is divided equitably by the court, which means fairly, not necessarily equally. The court will consider factors such as the length of the marriage and each party’s contributions. That said, absent special circumstances, the equity in the home is often divided evenly.
If you have a mortgage and have been making payments, you likely have equity in your home. In a divorce, that equity is what gets divided. Possession of the home is also decided by the court, usually based on who needs it most. For example, if there are children, the primary caretaker will often be awarded the home to provide stability for the kids.
Methods of Splitting Equity
The equity itself can be split in various ways. One spouse might buy out the other’s share, refinance the home, or the property might be sold and the proceeds divided. Determining the home’s value can be done by agreement or, if contested, through an appraisal. In that case, the appraiser may testify in court to establish the fair market value, which the court will use to divide the asset equitably.
Consult with Our Experienced Attorneys
If you’re facing a divorce in Oklahoma, contact the Wirth Law Office. We can help you maximize the value of your home and position yourself for the best possible start to the next chapter of your life. Call Muskogee divorce attorney Justin Mosteller at (918) 879-1681 for an affordable consultation today.
