Divorce is never easy for anyone involved. Even if the relationship ends peacefully, divorce is a time-consuming process that can cost you and your family a lot of money. More importantly, it can be emotionally draining for both parties. Before filing for divorce and cutting legal ties with your spouse, it is important to consider questions regarding where you stand financially before filing for divorce. Additionally, you must come up with a plan on how to divide all the assets, whether property or financial assets, between you and your spouse in the most peaceful way possible. Lastly, it is strongly recommended to contact a family law attorney who can help you through this process, as it is nearly impossible to do so on your own.
The main goal of divorce, not including marriages with minor children, is the distribution of assets and debts. Before the distribution phase, make sure you know where you and your spouse are in terms of finances. Have you thought about all of the assets you have accrued over the course of the marriage that will be subject to being split in half? This includes any property or financial assets you and your spouse acquired at any time in the marriage. Before the marriage begins, you must look at what you own, including your home, cars, pension plans, inheritances, and belongings. Then, determine what debt you and your spouse have incurred during the marriage. It does not matter who the debt belongs to because the courts will split it the way they see fit. The last thing to look at when it comes to finances is documentation for any tax returns or pay stubs gathered throughout the marriage. It is important to remember that no one is in a financially advantageous position when it comes to divorce, as you will lose at least half of your income throughout the process.
Before finalizing the divorce, it is crucial and strongly recommended to conclude your budget for after the divorce. All too often, parties can get caught up in the emotional case and do not consider their financial situation after the divorce has been settled. Calculate your cost of living in your new home, if you have one, and your expenses now that you are only living on one income. We strongly recommend you check your joint accounts and ensure no funds have been used. If they have, you can easily protect yourself by freezing any credit cards, savings, or investments. Even in cases with a peaceful ending, it may be a good idea for you and your spouse to freeze these assets until the settlement has been reached. We strongly recommend contacting a family law attorney to find the plan for your joint accounts. Lastly, remember to contact creditors so they can change your address if necessary and redistribute any accounts. Remember, this process is very specific and can be complicated, so we suggest contacting a family law attorney to help you navigate this process before you try to do so on your own.
In some divorce cases, there are parties with no established credit at the time of divorce. Remember, there is no set time to start building your credit. In order to live your life to the fullest now that you are not relying on someone else’s credit, you can start building your own. Start by signing up for a credit card in your name if you have not already. This is an easy way to start building credit. Make sure to pay off the balance every month to maximize your credit score. Your score will grow slowly over time, but it is important to start slow. Having too many accounts too fast can hurt your credit more than it can help it.
Splitting assets is a complicated process and is arguably the lengthiest part of the divorce process, unless you are also going through a custody battle. This process can stir a lot of emotions and confusion, as everything you and your spouse ever acquired throughout the course of the marriage is subject to this split. Anything you owned before the marriage belongs to you, and your spouse will not have the ability to collect these assets themselves. Additionally, any financial assets or accounts are also subject to this split. Typically, all financial assets are split evenly between both parties unless a prenuptial agreement has been signed and notarized prior to the marriage. However, Oklahoma is not a “community property” state. Instead, Oklahoma is an “equitable distribution” state. This means that all assets will split evenly, but after each and every item shared between both parties has been assigned a monetary value. You may not have the same number of belongings when compared to your spouse after the divorce, but the monetary value should always be as close to even as possible in the state of Oklahoma.
This question is arguably the most important of the eight questions. No matter where you decide to live, whether permanent or temporary, it is important to have this planned out prior to the divorce. In some cases, some parties even get to stay in the home they were already living in. It is strongly recommended to discuss this living situation issue with an attorney first, but if you are in a case involving abuse, it may be better to avoid this step. If you are moving out of the original home, it may have a negative impact on your case. Depending on your behavior during the case, you may win the home, meaning you do not have to worry about your post-divorce living situation.
It is best to do so if you are looking to buy or sell anything, such as a car, before filling out the divorce papers for good. In many cases, a judge may issue an order that prohibits your spouse from buying or selling marital property. This is done in an attempt to prevent both parties from draining any joint accounts. Make sure that you use your own resources to buy or sell anything before the divorce is settled.
In divorce cases involving minor children, custody will likely be the most prominent issue for both parties. In most cases, both parties usually share custody of the children. There are a few exceptions, such as abuse, where one party receives sole custody over the other. It is recommended to review your schedule, children’s, and spouse’s schedules before creating a mutual agreement on custody.
If you have not done so already, hiring a family law attorney who can best help you with the divorce process is crucial. They can answer any question you may have on the topic or provide you with advice during the divorce. It is recommended to find an attorney who is focused on settling the divorce quickly but will fight for you if the need arises. Schedule your free consultation with a divorce attorney today at 405.701.5355 or email clientintake@bml.law .