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Financial questions in a divorce

| Oct 21, 2020 | Family Law

If you have seen your income reduced this year, an upcoming divorce can be a huge financial worry. There is no escaping that divorce can be expensive. While you may want to hide your head in the sand and deal with it later, the sooner you start planning for it, the better for your finances.

These are the three main concepts you need to look at:

  • How much do you have now? The short answer may be “not enough,” but you need more detail. Open a spreadsheet and note down all your assets and their worth. Include everything from the car to the retirement fund.
  • How much could you potentially leave your divorce with? In Oklahoma, you must split marital property equitably. While you cannot know what share a court will award you in advance, a family law attorney can help you gain an idea. Things you brought into your marriage, inherited or received as a gift while married are usually exempt from division.
  • How much will you need to live after your divorce? There are many budgeting tools on the internet. If you have no idea of your current spending, use one to understand your outgoings. It will give you a base to predict future expenses from. If you do not know how much a one-bedroom flat will cost to rent, look it up. The more detail to your budget, the better. Tally your findings with your ongoing income and the assets you hope to leave with to see where you stand.

Once you have examined these three aspects, there remains one big choice to make: How do you want to handle your Oklahoma divorce. There may be significant cost savings if you choose mediation rather than litigation. Seek legal advice to understand more.