When a couple divorces, one of the tasks that must be taken care of the division of marital property in Okmulgee and all debt incurred or accrued during the course of the marriage.
Most couples get married, save for a down payment, and then buy a house somewhere along the way during the course of their marriage. Most often, the house is considered to be marital property and is subject to division between the two parties when a couple divorces.
A House as Marital Property
Most often, all property accrued during a marriage is considered to be marital property. That means that both parties actually own it. While a house is the most common example of marital property, it can include such things as cars, cash, stocks and the like. Marital property is subject to division between the parties.
Sometimes a house is considered to be the personal property of one of the parties. This may happen if one of the parties inherited the house, or if it was bought either before the marriage or with funds belonging solely to one of the parties. In that case, the house may not be subject to division.
However, most of the time, this is not the case with a divorcing couple.
When a couple divorces, the courts must assign property and debt to each of the divorcing parties as a part of the divorce decree. Okla. Stat. tit. 43 § 121
Oklahoma is a state that focuses on dividing marital property in a way that is equitable between divorcing spouses. “Equitable” does not always mean “equal.” Instead, the court will look at what each party contributed to the marriage, what each party needs, and what would be fair.
The court also looks to the residency needs of any children involved in the marriage. If the children will live most of the time with one of the spouses, the court may wish to allow that spouse to maintain the family home. This may mean that this spouse may take the family home while the other spouse takes most of the other assets. Again, this division may not be a 50/50 split, but it will be just and reasonable.
This may mean by a division of the property in kind, or by setting the property aside for one the spouses in exchange for a payment from the other spouse. Okla. Stat. tit. 43 § 121
Alternatively, the judge may order that the property be confirmed to the custodial parent until the last child of the marriage turns 18, after which the property is to be sold and the proceeds divided between the two spouses.
A Pre-Nuptial Agreement May Change Everything
Valid pre-nuptial agreements can change how property is divided at divorce. One of the main reasons couples enter into pre-nuptial agreements is to have more control over how property is divided should the couple become divorced. If the pre-nup is valid, the court will make the division according to the terms of the agreement.
The division of property is one of the most complex and important aspects of divorce. The effects of this marital settlement will have effects on both parties for years to come. It is imperative that, when divorcing, you seek the help of an attorney to help ensure that the court understands all the assets and needs of the parties involved.
Low-cost Consultation: Okmulgee Family Law Attorney
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