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August 2018 Archives

Tax considerations to keep in mind during divorce

There are a number of tax considerations people in Oklahoma who are getting a divorce should keep in mind including those associated with the tax reform bill. One of the major changes is that starting in 2019, alimony will no longer be taxable for the recipient or tax-deductible for the payer.

Property division and retirement funds during divorce

Oklahoma couples who decide to divorce often face long-term financial consequences that far outstrip the emotional and practical changes that accompany a separation. One of the most significant changes that can come with the end of a marriage is the division of retirement funds that have been accumulated over years. The aftermath of divorce can leave both partners with significantly fewer assets, especially as it costs more to fund two single retirements than one as a married couple. As a result, many people work intensively to save and rebuild their retirement accounts after divorce. Unfortunately, this is often hindered by the complexities created by mandatory caps on annual contributions to qualified retirement plans.

Staying financially afloat following divorce

Even as the "dual-income, no kids," or DINK, mentality has grown over the last decade or so, there are still plenty of stay-at-home moms and dads in Tulsa who put their careers on hold to raise their children. Should those parents suddenly face divorce or separation, they naturally worry about how to re-enter the workforce and become financially self-sustaining.

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