Tips To Keep Divorce Financial Implications To A Minimum

Though often difficult, making the decision to go ahead and get a divorce can be a great solution for many on how to get out of an unhealthy relationship. That said, there is no way around some of the heartache and emotional baggage that divorce can bring to many. Divorce financial implications also should not be lost in the conversation. Divorce is expensive. From child support to alimony to attorney’s fees, one’s tab can add up quickly. There also are more unexpected financial factors that could come into play which the Tulsa family law firm of Fry & Elder wishes to convey with you so that you can better protect yourself financially, before, during and after the divorce.

Know what debt you are responsible for and what debt your ex is responsible after the divorce?

Just because your marriage has ended in divorce does not mean that your debt has been terminated. A good Tulsa divorce lawyer will thoroughly go over the parameters of your divorce agreement and what debt you are individually responsible for, what debt your ex is responsible for and what debt you are jointly accountable for settling.  As far as divorce financial implications go, debt is among the most problematic people face. For any joint debt that you agree to pay off together after the divorce, make sure that you are aware of the fact that if your ex does not pay his or her share, the creditor could potentially come after you. Above all, consult with an elite Tulsa divorce attorney so that you can have a good game plan in place that best fits your post-divorce needs.

Get your debts refinanced or paid off before the divorce if at all possible

In all probability, you will have some debt hanging over your head after your divorce. But the more debt you can get paid off before the divorce is finalized the better off you will be in the long run. This might mean closing out joint credit cards and having some managed by just one individual party. If one party ends up keeping a home or residence after the divorce, then that mortgage should be refinanced under his or her name.

Update your will and other important paperwork

Not only is updating your will important for obvious reasons after a divorce, you also will want to talk to your Tulsa divorce attorney about filing new beneficiary designation paperwork for insurance policies and retirements plans. Updating the necessary paperwork will better ensure your wishes will be honored and also better safeguard you against divorce financial implications that could become long and drawn out.

Know that future divorce financial implications could be on the horizon

If you are going through a divorce, know that there are numerous reasons why you should contact an experienced and proven Tulsa divorce attorney. This is yet another reason why it is imperative that you do so. If you suspect that your ex might file bankruptcy or that you might have incurred more debt than you initially thought, your attorney will help you devise a game plan that will help you best get through the process. For instance, your attorney will explain that even if your ex files for bankruptcy, child support payments will not be eliminated.

Experience the Fry & Elder difference

If you are looking for an acclaimed and prominent Tulsa divorce attorney, look no further than the law firm of Fry & Elder. Robert G “Hap” Fry is one of only 19 attorneys in the state to be named a  Fellow of the American Academy of Matrimonial Lawyers. He also was named the Lawyer of the Year for Family Law in Tulsa for 2016 by the renown legal publication Best Lawyers®.

Fellow Fry & Elder attorneys M. Shane Henry, Aaron D. Bundy and James R. Elder, along with Fry, have each garnered the prestigious AV® Preeminent Peer Review Rating by Martindale-Hubbell®.

Additionally, Fry & Elder’s Kirsten Bernhardt has proven her prowess in both bench and jury trials, once winning a judgement in excess of $10 million from Coca-Cola. Lorena Rivas is a highly-regarded Oklahoma immigration law attorney, while fellow colleague Luke Barteaux has been named a Super Lawyers® Rising Star™.

Fry & Elder attorney Katie Egan is licensed to practice in three states and the firm’s Melissa Fell focuses much of her family law practice on the “concierge attorney.” Collectively, the talented staff of attorneys at Fry & Elder have led the firm to national recognition. The U.S. News & World Report has named the firm to its list of Best Law Firms from 2014-2016. Help avoid any further divorce financial implications by contacting an elite Tulsa divorce attorney today.