Determining the Distribution of the Family Home in a Tulsa Divorce
When going through a divorce in Tulsa, one of the most common concerns for couples is what will happen to the family home. The fate of the family home can vary depending on several factors, including equitable distribution laws in Oklahoma, the specific circumstances of the divorce, and any agreements reached between the parties. It is important to consult with an experienced Tulsa divorce attorney, like the Divorce Law Office of Tulsa, to understand your rights and options regarding the family home.
Equitable Distribution of Property in Tulsa Oklahoma
Oklahoma is an equitable distribution state. This means that under Oklahoma law, marital assets are not divided equally by default like they are in a community property state. Rather, the court will look at the unique circumstances of the case and consider a broad range of factors to determine a fair and equitable division of property – including which party gets to keep the family home.
Determining the Status of the Family Home
The first step in determining what happens to the family home is to determine whether it is considered marital property or separate property. The reason is that marital property is subject to Oklahoma equitable distribution laws while separate property is typically retained by an individual spouse.
As a general rule, the family home is considered marital property if it was purchased during the marriage with marital funds. However, if the home was acquired by one spouse before the marriage or through inheritance of a gift, it may be considered separate property. But note that the distinction between the two is not only cut and dry. For instance, one of the spouses may have acquired the family home by gift but both spouses contributed to mortgage payments or making improvements to the home. In this case, the court may determine that the home is marital property.
Factors the Court Considers to Determine Equitable Distribution
There is no law in Oklahoma that tells the court specifically which factors to consider when determining the fair distribution of marital assets in a divorce case. But it does provide some general guidelines for the court to consider, including:
- Each spouse’s rights in the property and the property’s value
- Each spouse’s contributions to acquiring marital property
- Each spouse’s income, ability to work, and earning capacity
- The involvement of any children
- Which spouse will have primary custody
- Whether one spouse will be awarded spousal support
- Each spouse’s debts
- The conduct of each spouse in the marriage that has impacted any marital asset’s value
- Any financial or economic sacrifices a spouse made to care for the home or children
Experienced Tulsa divorce lawyers can advocate for your interests to help ensure that you receive a fair distribution of property, which may include the rights to the family home depending on the circumstances of your case.
Equitable Distribution of the Family Home in a Tulsa Divorce Case
There are several possible outcomes for the family home in a Tulsa divorce case, including:
- Sell the Home and Split the Proceeds: One option is to sell the family home and split the proceeds between the spouses. This can be a straightforward way to divide the asset, especially if neither party wants to keep the home or if there is significant equity to be divided.
- Buyout: If one spouse wishes to keep the family home, they may choose to buy out the other spouse’s share of the home’s equity. This can be done by refinancing the home in one spouse’s name only or by offsetting the value of the home with other assets.
- Co-Ownership: In some cases, divorcing couples may choose to continue co-owning the family home, especially if there are children involved. This arrangement may allow the children to stay in the home while the parents share ownership and responsibility for the property.
- Deferred Sale: In situations where selling the home immediately is not feasible, couples may agree to a deferred sale. This means that the home will be sold at a later date, often after certain conditions are met, such as the youngest child reaching a certain age.
Consult with a Tulsa Divorce Attorney Today
It is essential to consider the financial and emotional implications of each option when deciding what to do with the family home in a Tulsa divorce. Consulting with a knowledgeable Tulsa divorce attorney can help you understand your rights and obligations regarding the family home and make informed decisions during the divorce process.
If you are facing a divorce in Tulsa and have questions about what will happen to the family home, contact the Divorce Law Office of Tulsa at (918) 924-5526. Our experienced attorneys can provide guidance and representation to help you navigate the complexities of property division in a divorce.