Cindy Allen & Associates PLLC

Phone: 405-310-8673

map map google linkedin

Smart financial considerations in divorce

Couples in Oklahoma who are divorcing may wonder how it will affect their finances. The first step comes in having a clear picture of the marital assets, debts and income. Some people may need to learn more about a part of the finances that the other spouse handled. It might be necessary to hire a professional to help.

In fact, a divorce may involve hiring several professionals such as an attorney and a financial planner. Another possibility is a mediator or an arbitrator to assist with discussions over child custody. Both work in a similar manner to help parents cooperate in coming to an agreement about issues, but an arbitrator can also create a legally binding agreement.

It is important to shut down all joint accounts from the financial to social media accounts. It is best if couples can do this in cooperation with one another. Finally, it is necessary to pinpoint the day of separation for purposes of deciding what is marital property and thus how property division will be decided.

An attorney may be able to work with a person who is going through divorce whether they and their spouse are taking a cooperative approach with mediation or whether the split is more acrimonious and will result in litigation. Sometimes, an attorney may assist a client on keeping emotions out of decision-making. For example, a person may want to try to get back at a spouse by insisting in keeping some marital assets, but in the long run, this strategy is expensive and time-consuming and wears down both people. In other cases, a person might err toward conceding too much due to feeling guilty about the divorce. A better solution is to work toward an equitable solution that is in a person's long-term best interests.

No Comments

Leave a comment
Comment Information