Getting a divorce has many life-long implications you should consider, one of them being finances. There are so many changes in the divorce process and, ultimately, in life during this time that it’s good to be thinking of your financial situation post-divorce. Self Legal Group specializes in divorce and family law. Below, we’ll go over some of these financial implications. Schedule your consultation today!
CHANGE IN LIFESTYLE
For the majority of those going through a divorce, a change in lifestyle will have the biggest financial implications. This is because you are going from one income down to two. Even with alimony, odds are, you will have to adjust your budget post-divorce.
HEALTH & PERSONAL INSURANCE
Depending on who had health insurance inside your marriage, you may find that you will have to obtain health insurance on your own, which can be more expensive. Similarly, you may lose discounts with your personal insurance, such as family discounts, too.
You will find that you most likely had more write-offs as a married couple than as a single person. In the year after divorce, you may have more taxes if you had to sell a lot of assets and split the money.
Many people forget about their 401k until a divorce occurs. Oklahoma is not an equitable distribution of assets state. That being said, your spouse is still entitled to some of your retirement funds that accrued since your marriage.
CONTACT SELF LEGAL GROUP TODAY
Self Legal Group has the knowledge and experience as top-rated divorce lawyers in Oklahoma to ensure you have the most favorable outcome possible for your divorce, especially when it comes to finances. We understand that you’ll be facing big changes in your life, and we’re here to help. Get in touch with our team, and schedule a consultation with a divorce lawyer today.