Dividing assets during a divorce can be one of the most complicated parts of the process, especially when it comes down to the family home. Whether it’s sold, kept by one party or even shared, the decision can significantly impact both parties futures.
The fate of the house often hinges on factors such as ownership, length of the marriage and other circumstances. Navigating how the process works can help to know what the future brings, providing clarity during a difficult time.
So, who gets the house?
When going through a divorce, the house often holds both financial and emotional value. For many couples, it’s not just a place to live but a symbol of their life together. Deciding who will keep the house, or even whether it should be sold, involves various factors that need to be considered.
The most significant factor determining how a separating couple’s home will be split is whether their state follows the community property approach or equitable distribution rules. Oklahoma uses equitable distribution when dividing property. This means that marital property is divided approximately in half, according to various factors. Some things that may be considered include:
- Minor children who still live in the home
- The length of the marriage
- The upkeep and value of the home
- Additional costs, such as alimony, child support, or spousal support payments
However, there are other ways a home may be distributed, such as a buyout or partition. Ultimately, deciding what happens to the house in a divorce is a personal and financial decision that requires careful thought and planning. With so many factors to consider, seeking legal guidance can help navigate the complexities of property division. Taking the time to discuss your options can ensure that your rights are protected and that you’re able to make informed choices every step of the way.