When going through a divorce, one of the most challenging aspects can be determining how to divide your assets, including your house. The way assets are divided during a divorce depends on whether the state you live in follows community property or equitable distribution laws.
In this blog post, we’ll discuss the differences between these two approaches and how they may impact your decision to sell your house during a divorce in Oklahoma City.
Community Property vs. Equitable Distribution
In a community property state, all assets and debts acquired during the marriage are considered joint property and are divided equally between the spouses. This includes income, real estate, and personal property. There are nine community property states in the US: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
In an equitable distribution state, assets and debts are divided in a way that the court deems fair and equitable. This doesn’t necessarily mean an equal split, as the court will consider various factors, such as the length of the marriage, each spouse’s contribution to the marital assets, and each spouse’s earning capacity. The majority of US states, including Oklahoma, follow equitable distribution laws.
Selling Your House During a Divorce in Oklahoma City
In Oklahoma City, since the state follows equitable distribution laws, the court will determine a fair division of assets, including your house. If you and your spouse can agree on the division of assets, the court will typically approve your agreement.
There are several options to consider when deciding what to do with your house during a divorce:
- Sell the house and split the proceeds: This is often the simplest and most straightforward option. By selling the house, you can eliminate any disputes over the property and use the proceeds to pay off any joint debts or to start fresh in your separate lives. Premier OKC Home Buyers can help you sell your house quickly and efficiently during this challenging time.
- One spouse buys out the other: If one spouse wants to keep the house, they can buy out the other spouse’s share. This option might require refinancing the mortgage to remove the other spouse’s name.
- Co-own the property: Some couples choose to continue co-owning the property, especially if they have children and want to maintain stability. This option requires a high level of trust and cooperation between the former spouses.
Regardless of the option you choose, it’s essential to work with experienced professionals who can guide you through the process. Premier OKC Home Buyers specializes in helping homeowners in Oklahoma City sell their houses during a divorce. Our team will provide you with a fair cash offer and a quick, hassle-free sale.
Contact Premier OKC Home Buyers
If you’re going through a divorce in Oklahoma City and need to sell your house, Premier OKC Home Buyers is here to help. Our team of experts understands the complexities of asset division during a divorce and can provide you with a seamless, stress-free experience.