The Financial Stages of an Oklahoma Divorce

One of the most common struggles during and after an Oklahoma divorce is dealing with all the financial problems that can come up. Not only can court and other legal fees add up, but the financial division of property and debt can make some people end up not wanting to seek a divorce. Without any preparation or knowledge of how all this works, many people are left struggling with major financial pitfalls that they did not see coming. If you have concerns about this, then consider asking an Oklahoma Family Attorney for help.

Initial Financial Stages of an Oklahoma Divorce

The initial Oklahoma divorce finance stages are all about preparing for what could happen. This means taking a full inventory of you and your spouse’s financial assets. You want to find out what could be divided in the divorce so you have a general estimate of how much money you will be left with after the divorce. What this does is help you start the preparation process.

Preparation involves closing joint accounts to open your own account and updating the financial details of your will. You can consult with a lawyer on both of these if you have questions. Write down all the financial assets and debt you share with your spouse and create a financial plan based on how much money you could lose when the division of finances is done in court.

Use this information to estimate how much money you would need after the divorce by figuring out what living expenses you will be left with. The recommended time to estimate this is a span of one year after your divorce.

Vital Financial Steps During and After Your Oklahoma Divorce

During the divorce, you will be dealing with negotiations between you and your spouse either directly, through Oklahoma divorce mediation, or through a lawyer. When your disagreements over the division of finances cannot be overcome, the divorce will go to trial for a judge to decide. This is the time when you want to create your own financial file by removing your birth and passport documents from your joint file. Find out who will claim Child Tax Credit and dependent tax exemptions.

The best steps you can take after an Oklahoma divorce finance division is to figure out your child support situation if you have children and calculate your monthly expenses ahead of time. You may also want to reassess your insurance and talk to your employer about any changes to benefits that could happen.

Family Lawyer in Oklahoma

Taking control of your finances during a divorce trial can be difficult when you are in need of evidence and find yourself lost. Consulting with an Oklahoma Divorce Lawyer can open up options for you and help you gather the information needed to defend your preferences for debt division. All you have to do is call the Putnam Law Office at (405)-849-9149 for a consultation today. Our legal team can help you explore all your legal options. Mr. Putnam is an attorney in Oklahoma City, OK who is dedicated to his clients.