Cindy Allen & Associates PLLC

Phone: 405-310-8673

map map google linkedin

High Asset Divorce Archives

Ways to manage money before the end of a marriage

When an Oklahoma couple are seeing their marriage come to an end, it could be time for each party to create a financial plan. This plan should consider how money will be spent prior to, during and after a divorce. In the event that a divorce is an amicable one, both people may be able to agree how much will be available to each to pay legal or other expenses related to the end of the marriage.

Aisha Tyler finalizes divorce, agrees to pay ex $2 million

Oklahoma fans of Aisha Tyler may be interested to learn that her divorce with her former husband Jeff Tietjens was finalized on May 17. As part of their divorce settlement, Tyler reportedly voluntarily agreed to pay her ex-husband $2 million.

Retirement accounts add complexity to simple property division

An Oklahoma divorce negotiation in good faith does not necessarily mean the final settlement is equitable or fair. One of the more troublesome areas of property division concerns negotiations over retirement accounts, which have special tax treatment and are governed by numerous laws. In some circumstances, it makes sense for one spouse to keep a 401(k) or pension while the other receives ownership of real or personal property as compensation. In other situations, a division of funds using a qualified domestic relations order is necessary for a fair settlement.

Costs of splitting a retirement account

Oklahoma residents who split their retirement plans during a divorce may be in for a nasty surprise. Many 401(k) accounts have a processing fee associated with them that is triggered when the owning party tries to split the assets in the account pursuant to a qualified domestic relations order. It has proven to be a source of frustration for both account holders and attorneys.

Facing the end of a lengthy marriage

These days, it is not uncommon for those in Oklahoma and elsewhere to divorce after 20 or 30 years of marriage. In some cases, a married couple realizes after the kids are gone that they are no longer compatible. In others, one spouse may find another companion, which leaves the other no choice but to ask for a divorce. In 2014, divorce was twice as common for those 50 or older compared to 1990.

Claiming Social Security benefits after a divorce

Oklahoma couples whose marriages are ending may wonder how the divorce will affect their retirement plans. As long as a marriage lasted for 10 years or longer, the lower-earning spouse will be able to claim Social Security benefits based on the higher-earning spouse's earnings records. They can claim spousal Social Security benefits no matter how many years ago they divorced, just as long as they haven't remarried.

Don't forget to divide the complicated marital assets

Most Oklahoma couples who are ending their marriages likely have a few major financial issues on their minds. They may be thinking about how they will divide tangible property like the marital home and cars as well as how to split bank account balances evenly. Reaching agreements about child and spousal support are often high on the list of priorities as well.

Divorce after 50 can hurt retirement plans

Married Oklahoma couples often pay less per person for their grocery bills and other monthly expenses than single people do. When a person goes through a divorce, the increase in expenses can come as a shock. That's why it's crucial for a divorcing person to review their income and expenses and come up with a new budget.

Asset dissipation in a divorce

Occasionally, one spouse in an Oklahoma divorce will try to hide assets or waste them in order to keep the other spouse from getting his or her fair share of the marital estate. This behavior can be very detrimental to lower-earning spouses who may depend on their portion of the marital estates to take care of themselves independently after the divorce.