Working to prepare financially for divorce can help protect your interests, reduce stress, and make sure you’re in the best possible position when finalizing the divorce. In Oklahoma, taking proactive financial steps before and during divorce can make a significant difference in your future stability.
1. Gather Financial Records
Before filing for divorce, collect copies of all important financial documents, including:
- Tax returns for the past few years.
- Pay stubs, W-2s, or 1099s.
- Bank, credit card, and retirement account statements.
- Mortgage, loan, and debt records.
- Business ownership or investment documents.
Having this information organized makes it easier to understand your marital estate and ensures nothing is overlooked during property division.
2. Understand Your Assets and Debts
In Oklahoma, marital property and debts are divided under the principle of equitable distribution, meaning the court divides them fairly, though not always equally. To prepare:
- Make a list of all assets—homes, vehicles, retirement accounts, investments, and personal property.
- List all debts—mortgages, loans, and credit cards.
- Identify which property may be marital and which is separate (owned before marriage or received by gift/inheritance).
3. Create a Post-Divorce Budget
Life after divorce will look different financially. Planning ahead can help you adjust:
- Calculate your expected income after separation.
- Estimate your housing, utilities, transportation, and childcare expenses.
- Plan for new costs such as health insurance if you previously relied on your spouse’s plan.
4. Monitor Credit and Protect Yourself
Divorce can impact your credit score if spouses don’t handle debts properly. To safeguard yourself:
- Pull your credit report and review open accounts.
- Close or separate joint accounts if possible.
- Track joint debts to ensure payments are being made during the divorce.
5. Consider Tax Implications
Divorce can affect your taxes in several ways, including filing status, child tax credits, and division of retirement assets. Understanding these implications in advance can help avoid surprises.
6. Seek Professional Guidance
Every divorce situation is different. An experienced attorney and financial advisor can:
- Explain your rights under Oklahoma law.
- Protect your interests in property division and support negotiations.
- Help you plan for long-term financial security.
Tulsa Divorce Attorneys
Preparing financially for divorce can make the process smoother and give you greater peace of mind. If you want to prepare financially for divorce in Oklahoma and want to understand your financial options, we can help. Contact us today at Tulsa Divorce Attorneys & Associates by calling 539-302-0303 or contact us online.