Understanding the Financial Impact of Divorce
Divorce can be just as traumatic financially as it is emotionally. Not only does it require paying for legal fees, but it also often results in a significant change in lifestyle and financial status for both parties. In Oklahoma, there are several financial considerations that must be taken into account when going through a divorce.
Divorce can have a significant financial impact on both parties. This includes the cost of legal fees, as well as the potential loss of income and assets. In addition, there may be additional expenses such as child support and alimony payments. It’s important to understand the potential financial impact of divorce before making any decisions.
Property Division in Oklahoma
In Oklahoma, all property and assets acquired during the marriage are considered marital property and subject to division in a divorce. This includes real estate, vehicles, bank accounts, and retirement accounts. Oklahoma is an “equitable distribution” state which means that the court will divide the marital property in a fair and equitable manner, but not necessarily equally. This can be a complex process and it’s important to have a clear understanding of your assets and liabilities before going through a divorce.
Child Support and Alimony in Oklahoma
In Oklahoma, child support is calculated based on the income of both parents and the number of children. Child support is intended to provide for the basic needs of the child, such as food, clothing, and housing. Alimony, also known as spousal support, is intended to provide financial support to a spouse who may not have the ability to support themselves financially. Alimony is calculated based on the income and earning potential of both parties.
Legal Fees in Oklahoma
The cost of legal fees can be one of the biggest expenses associated with divorce. In Oklahoma, legal fees can vary depending on the complexity of the case and the experience of the attorney. It’s important to understand the potential legal fees before making any decisions about divorce.
Protecting Your Finances During Divorce
The best way to protect your finances during a divorce is to be proactive. This includes understanding the potential financial impact of divorce and taking steps to protect your assets. This may include creating a budget, reviewing your credit report, and consulting with a financial advisor.
Another way to protect your finances during divorce is to reach an agreement on property division outside of court. This can be done through mediation or negotiation between the parties and their attorneys. This can save time and money and avoid the uncertainty of a court-ordered property division.
It also helps to have a clear understanding of your assets and liabilities before going through a divorce. This may include creating an inventory of all assets and liabilities, including bank accounts, real estate, vehicles, and retirement accounts.
It is also important to have a clear understanding of your income and expenses. This may include creating a budget and understanding your earning potential. This can be helpful in determining child support and alimony payments.
What You Need to Know about the Hidden Costs of Divorce
Although divorce can be a costly and emotionally taxing process, planning and preparation can reduce the cost and emotional impact of divorce. In Oklahoma, there are several financial considerations that must be taken into account when going through a divorce.
By understanding the potential financial impact of divorce and taking steps to protect your assets, you can minimize the financial impact of divorce and move forward with your life. It’s important to have a clear understanding of your assets and liabilities, and to have a budget to understand your earning potential. It’s also important to consult with a financial advisor, as well as a divorce lawyer in Tulsa, and consider reaching an agreement on property division outside of court through mediation or negotiation.
Low-cost Initial Consultation: Tulsa Divorce Attorneys
Divorce can pose a significant threat to your financial well-being. But with a sound legal strategy, your assets can be protected, ensuring your financial future for the long haul. If you are facing a divorce, call the Divorce Law Office of Tulsa for a low-cost consultation with one of our Tulsa divorce attorneys. You can contact us at at 918-924-5526 or by using the contact form above.