Norman Law Blog

In a perfect world, no one would have to stress over the state of their finances. Unfortunately, the world is far from perfect, and many people in Oklahoma and around the world struggle with money problems daily. Some may live paycheck to paycheck and hope to get by, and others may rely on credit cards to help bridge their financial gaps. Whatever the case may be, serious financial issues could present a need for bankruptcy.

There are many cases in which people cannot help their financial situations because of emergencies or unexpected events that have occurred. Still, when it comes to credit card use, it pays to be wise regarding how often the cards are used and how much balance remains. Carrying balances can often result in interest and other fees that can make difficult situations worse.

Ending a marriage means far more than simply deciding not to be in a relationship any longer. Many people may be involved in the situation beyond just the soon-to-be former couple, especially if that couple has children. Plus, divorce can be trying even under the best of circumstances, and finding the best way to navigate one's own feelings and the feelings of others can be difficult.

Oklahoma residents who are considering divorce or who are starting the legal process have a long road ahead of them. They may want to start with telling their loved ones about the marriage coming to an end, if they feel this step is needed. Typically, a short-and-sweet approach to this news is best. Being upfront and honest may prevent any confusion about the situation.

Going through a divorce may put many people in the position of having to go to court for the first time. In particular, parents may have to go through formal court hearings in order to resolve child custody matters. It can often be intimidating to go through such proceedings, and it is important for Oklahoma parents to present themselves properly to the court.

As part of that presentation, parents need to pay attention to how they dress. Their appearance could impact how a judge views them, and first impressions are often vital. Parents can often benefit from appearing put together and responsible when they come to court. This may mean having to venture out of one's normal comfort zone when it comes to appearance, such as removing an unusual piercing, covering tattoos and utilizing a natural-looking hair color.

It is no secret that divorce is expensive, but because the process of getting a divorce can be so emotional, many people end up making poor financial decisions along the way. The combination of an expensive divorce and poor financial decisions can send you into the red pretty quickly. This is why it is a good idea to examine some of the common pitfalls others have succumbed to and create a financial plan that is specific to your situation.

According to a recent Forbes article, several common financial mistakes people make during a divorce include:

• Fighting to keep the marital house regardless of the cost
• Quitting a job to avoid paying alimony
• Cashing in investments to pay bills
• Forgetting the tax implications of taking money from a retirement plan
• Forgetting the tax implications of alimony
• Making unnecessary purchases