Q: If a person makes an offer on a house and it is accepted before marriage,is it considered personal property?
I took out a mortgage loan exclusively in my name and solely based on my own personal credit. I then made an offer on a house that was accepted before I got married. The house didn’t close until after I was married. Would it be considered a marital asset under Oklahoma divorce law?
A: You must keep a separate bank account on that house if it is to be rented as an investment. All money collected as rent should be put into that account as well as expenses paid on that property should be written on that account. You should not commingle income produced by you or your wife with that account. If the house is to be your homestead, payments made on the mortgage over the course of the loan and marriage would normally be paid out of marital funds earned during the course of the marriage. This would make it coverture or marital property which would be equitably divided if a divorce were to happen later in life.
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