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Williams Bought for $37 Million

In 1908 two brothers started a small construction company in Ft. Smith, Arkansas. It didn’t take long for those brothers to find a niche building cross-country pipelines.

By 1919 Miller and David Williams moved their company to Tulsa, Oklahoma. Williams, as the company would come to commonly be known, soon became an iconic Tulsa company. Williams would grow to become one of the largest employers of Tulsa with more than 1000 employees.

Williams Bought for $37 Million

Earlier this week Williams announced it accepted a buyout offer from Dallas based Energy Transfer Equity. This $37 billion deal is one of the largest of its kind in recent time. It is unclear how many employees will stay in Tulsa and how many will be moved elsewhere. read more

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

Focusing on children in Oklahoma child support cases

In Oklahoma, there is a statutory state formula that is followed when calculating how much child support is to be paid. The formula takes into account each parent’s financial circumstances. In this way, a fair amount may be reached that assists the custodial parent in taking care of the child without imposing an unreasonable financial burden on the paying parent. read more

Cooperating with Child Support Services in Oklahoma

First, parents should fill out the application for support completely, so that Child Support Services has all the information they need. If a parent currently has a support agreement in place, Child Support Services should be notified of this. It is also helpful for the custodial parent to provide Child Support Services with a monthly record of any payments that the noncustodial parent gave the custodial parent for child support. read more

Modifying a child support order in Oklahoma

Much can change for a parent after a divorce. This is especially true of a parent’s financial circumstances. For example, a parent in Oklahoma could get a job promotion, leading to an increase in income. Or, a parent could be laid off, leading to a decrease in income. In addition, the costs involved in raising a child may vary based on the child’s needs. When there is a child support order in place, these fluctuations in a parent’s finances could majorly affect the parent’s ability to raise the child. For all these reasons, parents may choose to pursue a modification of child support. It is important, then, to ascertain when such a modification may be approved. 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