When an Oklahoma couple decides to pursue Wagoner County divorce filings, often the family house is the single biggest asset the couple owns outside of retirement accounts.
Deciding what to do with the family house is a fundamental part of the task of dividing up their assets and liabilities during Wagoner County divorce filings.
How to Decide Who Keeps the House
As in most issues surrounding Wagoner County divorce filings, if you can decide this issue on your own with your spouse, the process is always smoother.
But divorce is a time of conflict. It may be helpful have your attorneys negotiate the issue, or to have a neutral mediator experienced in family law issues handle the situation.
If you and your spouse entered into a valid prenuptial agreement prior to the marriage and the “prenup” specifies how the assets are to be divided, then the house will be dealt with in accordance to the “prenup.”
If there is no valid “prenup” covering the subject and if you cannot decide how to deal with the house, the court will decide for you.
Assets and Wagoner County Divorce Filings
Oklahoma law treats personal property assets and marital property assets differently after Wagoner County divorce filings.
Personal property assets generally remain personal to the property owner and are not subject to division at divorce. If the house is the personal property of one spouse only, it is likely that the house will be conferred to that spouse.
All marital property is subject to equitable, rather than equal, distribution by the courts during divorce. The court will try to divide up assets in a way that is just and reasonable between the parties.
If the house was paid for with community funds, it is most likely a marital asset and subject to equitable distribution by the courts. In making the decision regarding equitable distribution of assets between the spouses, the court will consider various factors.
Sometimes, the custodial parent of younger children may have more need to stay in the home. Sometimes, a spouse may have a medical condition requiring that they stay in the family home. The court will also look at the length of the marriage and the contributions by each spouse in making its decision.
What about the Mortgage?
Often times, the family home is still subject to a mortgage at the time of a divorce. This can complicate the matter somewhat.
Here are some possible scenarios for handling the division. Sometimes, it is best and easiest to sell the house, pay off the mortgage, and then divide the proceeds equitably between you and your spouse. This may be the right choice if the mortgage payment is high or if neither spouse wants to continue living in the house.
Another possible solution is for one spouse to take out a second mortgage to buy out the other spouse.
Finally, when there are younger children, one spouse may grant the other spouse a certain amount of time in the house before the property is sold and the proceeds distributed equitably.
Free Consultation: Wagoner Divorce Attorney
When your marriage plans unravel, get the best legal counsel available. Don’t go it alone. Get an experienced, reliable Wagoner divorce attorney on your side.
Contact the Wirth Law Office – Wagoner at 918-485-0335 today to schedule your free, no-obligation consultation.