It can be overwhelming to go through a divorce, especially when deciding what to do with the family home. In Oklahoma, specific laws and procedures must be followed when selling a property during a divorce. Throughout this blog, we’ll provide information to help you sell your house in Oklahoma while divorcing.
Property Division in Oklahoma
As part of a marriage, couples usually acquire shared properties and assets. Therefore, in the event of a divorce, these same assets/properties need to be split among the couple. For this reason, property division is one of the trickiest and most delicate aspects of divorce.
As an equitable distribution state, marital property is divided between spouses justly and fairly by family law judges and courts in Oklahoma. Properties are divided into two categories: separate property and community property. Knowing what assets fall into each category is crucial since each type of asset is handled differently during the divorce process.
Property that is owned entirely by one spouse is known as separate property. As a general rule, it includes properties acquired before marriage, inheritances, and gifts. During the property division process, any assets acquired with the separate property are also considered individual assets.
On the other hand, property acquired during a marriage is considered community property. Moreover, the couple shares ownership of all real estate, assets, and proceeds associated with them.
Factors that Determine the Property’s Distribution
It is important to keep in mind that just because one spouse owned the property prior to marriage doesn’t mean they get to keep it. There is a possibility that the judge could assign more value to that house. It will, however, probably still be deemed marital property and distributed accordingly.
Most of the time, a couple’s property is divided equally after its value has been determined. There are a number of factors that can influence whether a court awards a larger share to one spouse than the other, including:
- Age difference
- Property type
- Abilities and education
- Separate property value
- Debts owed and future expenses
- An individual’s fault for causing the divorce
- Earning capacity or income differences
Based on these criteria, it is generally the more dependent and less well-off spouse who receives the larger share of the property.
Who Gets to Stay in The House Until The Divorce is Final?
It is common for the parent who spends the most time with the children to remain in the marital home. Unless domestic violence has been involved, neither spouse is allowed to evict the other in a co-owned home.
The Process to Sell the Home
When a couple has decided to sell their house, or they are required to do so, they have three options.
List the House
The couple may be able to decide to list the house together if they communicate well and are friendly. In order to complete the sale, both parties must sign a contract and ensure that both names appear on the title. When the property is sold, the profits are divided equally between them.
Couples who know the home-selling process well can benefit from this service since they will handle negotiations and marketing. There is, however, the possibility that the couple will have to invest money into repairs if the home needs to be repaired to make it more attractive to prospective buyers.
Hire a Realtor
Real estate agents who specialize in divorce can help couples who are unable to communicate or collaborate. Professionals in this field assist people in selling their homes and handle all negotiations and paperwork.
In addition to setting a reasonable sale price, the agent is also responsible for marketing the property. Moreover, they will act as the couple’s agents and handle all showings and open houses.
Unfortunately, there is an agent closing fee to be paid once the deal closes. Furthermore, since the house must be in pristine condition for showings, repairs, and cleaning may still be needed.
Sell the House to a Home Buying Company
A home buyer can provide an instant cash offer and purchase the house as-is. Due to the absence of showings, fees, or repairs, couples usually sell their homes faster and more successfully this way.
Sell Your House Fast in Oklahoma with Favor Home Solutions
At Favor Home Solutions, we understand that selling a property during a divorce can be a huge hassle. For this reason, we offer a simple, stress-free, and straightforward process.
When you work with us, you don’t have to worry about paying any closing costs, agent fees, or repairs- we’ve got you covered! Our fair cash offer will put money in your pocket in as little as 14 days, allowing you to embark on a new chapter in no time. Get in touch with us today!