It’s a question that comes up almost anytime a divorce involves division of real estate assets: “Who gets the house in a Muskogee, Oklahoma divorce?”
This is probably because a house is one of the most expensive assets that you and your spouse own.
When a house is marital property, it is likely that as a couple you had particular reasons to choose it for your home. Thus, it can be rather tricky at times for one of you to let go of the home.
When the two of you cannot decide who gets to keep the house, a court must determine that. So, how do courts determine who gets the house?
If the house belongs to one of you, that person is more likely to keep the house in the event of a divorce.
But if the house is marital property, it is part of the assets that must be divided between you and your partner during divorce proceedings.
A house that is marital property is divided equitably between the two involved parties. Equitable division of the house means fair, and not necessarily equal. The court determines what is reasonable and just. Several factors are taken into account to resolve this.
When One Spouse Wants to Keep the House
If there are minor children to consider, one of the spouses may want to keep the house to provide continuity and stability for the children.
In such a case, equity, outstanding mortgage obligations, and other assets available to be divided are taken into account to determine each spouse’s share in the house. The spouse who wants to keep the house can take out a mortgage and buy out the other spouse’s share of the home’s equity.
When neither spouse wants to stay in the house, it is best and easiest to sell the house, pay off any outstanding mortgage, and equitably divide what remains between the spouses.
Selling the home also works well when there are still outstanding mortgage payments that are rather high.
The house can be sold, but at a later date if there are minor children who still need to live in it. One spouse can let the other live in the house with the children until they are 18. The house can then be sold, and the proceeds equitably distributed between each member of the couple.
Courts Do Not Always Decide Who Gets the House
The divorcing couple can agree on what happens to the house and reach an agreement acceptable to the courts. This can be done through negotiation and mediation, as it might not be easy for you and your spouse to agree on much during divorce proceedings.
A Muskogee divorce attorney can help negotiate a favorable settlement with your spouse or his or her attorney. A neutral third party can also negotiate a settlement.
If you and your partner had a prenuptial agreement that outlined how marital property will be shared in the event of a divorce, it will be used to determine what happens to the house. However, the prenuptial agreement must be valid. A family law attorney can best advise you on whether your prenup is valid.
Free Consultation: Muskogee Divorce Attorney
Are you facing a divorce and wondering who gets the house? Your best course of action is to talk to a divorce attorney in Muskogee, OK.
Do not make critical decisions when you feel alone and are vulnerable to making mistakes. Our knowledgeable Muskogee divorce attorney has handled many divorce cases. He will be able to advise you on the best course of action.
For your initial free consultation with a Muskogee attorney, call 918-913-0725. You can also submit the question form at the top right of this page.