For business owners in Oklahoma, divorce can bring up some unique considerations. While few people want to think about divorce when they decide to marry, planning for all eventualities can be especially important for entrepreneurs. Indeed, some investors and venture capitalists may insist on a divorce planning framework to safeguard their investments in case a founder's marriage comes to an end.
People in Oklahoma who decide to end their marriages may seriously consider how changes to the tax laws will affect their divorce. In late 2017, Congress passed the Tax Cuts and Jobs Act, best known for its changes to income and corporate taxes. One provision affecting divorcing couples will go into effect with the new year. Many couples escalated their divorce timeline in order to finalize a settlement before the end of the year. While the new rules will apply to all divorces finalized on or after Jan. 1, 2019, they will not affect people who completed their separation in 2019 or earlier.
It's no secret that money can be the source of contention and anxiety among married couples in Oklahoma. In fact, a new survey by a financial firm reveals that more than half of all couples go into a relationship with existing debt. Furthermore, 40 percent of the individuals questioned believe financial stress has negatively impacted their relationships. Money woes can also contribute to marital fights, disagreements over who is responsible for debt problems, poor communication and difficulty addressing money matters in general.
Oklahoma residents who are going through or have gone through a divorce should consider how to parent during the holidays. Holidays come with extra struggles for separated or divorced families who have to juggle custody of their children. Since this can produce dilemmas wrought with feelings for both parents and children, it may help to approach the holidays with a plan already in place.
Oklahoma couples who are splitting up should be aware of common financial mistakes that are made during a divorce. For example, some exes might be tempted to try to make themselves feel better by spending money. However, this is likely to backfire when they have to pay the bills.
Prenuptial agreements entered the public consciousness in Oklahoma as a legal tool for the wealthy, but they have benefits to offer people of any socioeconomic status. Prenuptial agreements allow people to outline the terms of property division in the event of a divorce, but they can specify other obligations. Their reach is not unlimited, however, and these agreements are not immune to legal challenges.
Divorce rates are on the decline, generally, in Oklahoma and across the country, but people over the age of 50 are getting divorced twice as often as they were in 1990. The trend has been referred to as gray divorce; people are more often divorcing later in life. For people aged 65 or older, the rate of divorce has tripled since 1990.
Life is tough. But it can be even tougher when you're married to someone with a personality disorder, particularly that of narcissism. It can be sometimes difficult to spot the traits, behaviors and patterns of a narcissist, especially one that is very good at what they do.
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.
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.