Archive for Divorce – Page 2

Spousal support: what kind of information should be saved?

While not every divorce includes a provision for spousal support, when it does, it may be hotly contested by both sides. For example, either spouse in Oklahoma may dispute the award, claiming it is either too high or too low. Accordingly, a spouse may fail to correctly report their alimony payments (either receiving or paying) to the Internal Revenue Service when it comes to their income taxes. For all these reasons and more, it may make sense for each spouse to keep a paper trail regarding their spousal support payments. read more

Spousal support laws can vary greatly between states

And, just as nearly half of individuals will eventually move out of their state of birth, most will at some point get married. But, if a couple married in one state decides to divorce in another, getting a divorce in their new state could have significant consequences that they may not have experienced in the state in which they got married. This is especially true when it comes to spousal support. read more

Contested versus uncontested divorce in Oklahoma

Not only can an uncontested divorce be less draining both emotionally and financially than a litigated divorce, but it also allows each spouse to have more of a say in how these important decisions are made. So long as the agreement made in an uncontested divorce doesn’t violate any Oklahoma state laws or go against the best interest of the child if the couple has children, it takes only a short hearing before a judge for the settlement to be made binding. Decisions made in an uncontested divorce may be less likely to be contested in the future. In fact, most divorces in the state of Oklahoma are uncontested divorces. read more

In what situations may a prenuptial agreement be useful?

For example, some parties may own their own startup company or other type of business before they get married. A prenup can address this issue and may include language that will allow the business owner to retain their business should the couple divorce, particularly if it is possible that the business’s value will increase as time goes on. The same can be said for stock options. read more

Moving from married to single financially after divorce

It is important in times like these for a spouse to make sure he or she has a good grasp on finances, along with other divorce legal issues. This includes having an understanding of one’s budget, including cash flow and expenditures, one’s estate plan and one’s retirement. Some spouses may need to seek the help of a professional with these matters, particularly if their ex handled the family finances during the marriage. read more

Debt and divorce can go hand-in-hand in Oklahoma

It is an unfortunate fact that divorce and debt can go hand-in-hand. It is not unheard of for a spouse in Oklahoma to be surprised to learn during the divorce proceedings that the other spouse took out credit cards and other debts in the spouse’s name without the spouse’s agreement or even knowledge. Unfortunately, with that spouse’s name on the account, that spouse could be responsible for paying off the debt. Spouses in such cases can contest the debt. If the spouse can verify that the debt was taken out without his or her permission, in some cases that spouse may not be responsible for it. read more

Oklahoma Supreme Court dismisses oil magnate’s ex-wife’s appeal

Readers of this blog may have been following the divorce drama between Oklahoma oil magnate Harold Hamm and his ex-wife. Recently, the court denied an appeal brought by Hamm’s ex-wife to the Oklahoma Supreme Court regarding the couple’s divorce case. Back in November 2014, a district court in the state of Oklahoma ruled that Hamm’s ex-wife should receive approximately $1 billion of the couple’s estate after they divorced. Hamm’s ex-wife later cashed a $975 million check from Hamm. Despite that, Hamm’s wife contested the award, as it allowed Hamm to retain most of the couple’s $18 billion marital estate. read more

Reasons not to ignore retirement after a divorce in Oklahoma

Many residents of Tulsa, Oklahoma, spend years amassing retirement savings. Yet when it comes to divorce, one’s eventual retirement may be the last thing on one’s mind. However, one should keep in mind that retirement assets, just like any other asset, will go through the property division process following a divorce. This is especially important, as going from a two-income household to a one-income household can have a serious effect not just on one’s day-to-day lifestyle, but on their ability to retire when they want to as well. read more

Legal help can be sought for Oklahoma property division cases

The types of marital debts and assets that may be divided in a divorce are varied. Of course, the family home can be one of the most valuable assets a couple owns together. But vehicles can also be divided, as can investments, business interests and retirement accounts. When it comes to debts, couples will have to decide who will be responsible for any loans that are unpaid, tax debts or credit card balances. read more

Studies reveal common factors that lead to divorce

One very common factor that may lead to divorce is the birth of a child. One study shows that 67 percent of married spouses find that for the first three years of their child’s life, their satisfaction with their marriage goes down. Taking care of a newborn can be challenging, causing further stress on a marriage that may already be under pressure. read more