In states that follow the “community property” approach to property division, marital property is split equally between the spouses. On the other hand, the “equitable distribution” approach divides property in such a way that is fair, but not necessarily equal, depending on the needs and circumstances of each spouse.
The family home or marital domicile is usually considered to be marital property. This means both spouses will own equity in the marital home. It is possible to buy out the other spouse’s equity in the marital home. Before pursuing this option, make sure that you consider your children’s needs, your financial capacity to maintain the home and the mortgage payments, and your other long-term obligations. Judges usually grant the family home to the spouse who has primary custody of the children. The best property division lawyer in Oklahoma can help you with making sure you don’t get shortchanged in this decision.
Spouses have several options with regard to the family business, as this is usually considered part of marital property. One spouse may buy out the other, or they can continue to be co-owners of the business if they agree to do so. A lawyer for property division in Oklahoma can also help negotiate the best terms for the family business.