We study the nondegenerate optical parametric oscillator in a planar interferometer near threshold, where critical phenomena are expected. These phenomena are associated with nonequilibrium quantum dynamics that are known to lead to quadrature entanglement and squeezing in the oscillator field modes. We obtain a universal form for the equation describing this system, which allows a comparison with other phase transitions. We find that the unsqueezed quadratures of this system correspond to a two-dimensional XY-type model with a tricritical Lifshitz point. This leaves open the possibility of a controlled experimental investigation into this unusual class of statistical models. We evaluate the correlations of the unsqueezed quadrature using both an exact numerical simulation and a Gaussian approximation, and obtain an accurate numerical calculation of the non-Gaussian correlations.

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