On behalf of Stange Law Firm, PC posted in divorce on Tuesday, September 24, 2019.
People like to think that marriage is the beginning of a life together, of starting a family, building a life and growing old together in Oklahoma. The sad truth is that Oklahoma currently has the 4th highest divorce rate in the country. When real estate is involved in a divorce, there are many question that may arise, and there are some added complications in Oklahoma.
When negotiating settlements, the question of who gets the house is frequently a big issue. Included is whether or not one person will get the house or will it be sold as part of a settlement. In Oklahoma, both spouses are required to sign the deed if they are the sellers. An added complication is that both spouses may be listed on the mortgage. This holds true until the divorce is finalized and the house is either sold or refinanced into one spouse’s name only.
There are steps that can be taken to reduce the stress and assist with the sale or purchase of a property. Adding details regarding real estate to court orders can help clarify positions. These can include proceeds being placed in escrow, stating conditions of sale where the appraisal is concerned and authorizing Realtors to speak with legal representatives. While disclosing private matters to Realtors may be uncomfortable, they are accustomed to keeping information confidential and can help clients best when they are informed regarding one’s situation.
Divorce is seldom entered into lightly. There are additional considerations in Oklahoma in light of the stringent laws regarding real estate and divorce. A person considering divorce may wish to consult with a family law professional who is also knowledgeable regarding real estate law.