24/7 availability for all clients | Free initial consultations 539-777-2802
Woodward Law Firm PLLC

Tulsa Family Law Blog

New investment vehicle presents new challenges in divorce

Divorce attorneys in Oklahoma are used to cases involving different types of assets in the martial estate, from real estate and small businesses to retirement accounts and mutual funds. But a new type of asset presents unique problems in dividing martial assets: Cryptocurrency has a unique set of challenges.

Cryptocurrency first became available 10 years ago and has grown exponentially since that time. It is a type of digital currency that is exchanged on a decentralized, peer-to-peer network. Assets are created, stored and exchanged electronically through the network.

The rise in grey divorces

Many Oklahomans may be part of the rising trend of grey divorces, aka splits that involve spouses over age 50. According to research, the overall rate of divorce in the United States has steadily declined over the last two decades. However, the rate for gray divorces has increased during the same time.

To understand the rise in grey divorces, it is necessary to examine how long-term marriages are impacted by certain aspects of life. One of the biggest issues for many unhappy couples is finances. If one spouse has difficulty managing finances properly, or if a couple is saddled with debt and continuously argues about money, a divorce can be likely.

Tips for preparing for a divorce

People in Oklahoma should take steps to improve the likelihood that their divorce will go relatively smoothly throughout the stages of filing, discovery and disposition. Although some issues cannot be resolved without going into litigation, other divorces can be settled with mediation or a collaborative divorce. Preparation should help with any of these outcomes.

First, people should make sure they really want to go through with the divorce as the process can be difficult and stressful. Each person should also research state law on divorce. Organizing financial paperwork and creating a post-divorce budget are important as people think about their goals for life after the divorce. Having a budget and goals in mind can help a person think realistically about what to ask for in the divorce.

Main reasons for a divorce

As any married couple in Oklahoma knows, maintaining a marriage is hard work. It requires patience; compromise; and, occasionally, sacrifice. That being said, it is also worth it in the long run, especially if the married couple makes each other happy. However, in order to keep a marriage going, individuals need to know the main elements that lead to the deterioration of a marriage as well as how to best handle them.

With all of that said, it should come as no surprise to learn that one of the main reasons couples end up getting divorced is that they have little to no education about what is to come once they say 'I do." As a matter of fact, a good education is so important that even couples who took preparatory courses felt that they weren't enough. Some people were of the opinion that there should have been more counseling whereas others felt that the course wasn't instructive enough in regard to the different phases a marriage goes through. After all, like all living things, a marriage grows and morphs over time, and couples need to adapt to that.

Marriages more likely to end when wives get sick

Some couples in Oklahoma don't give all that much thought to the "in sickness and in health" part of traditional wedding vows. After all, not too many spouses mind occasionally having to pamper or tend to a mate who's a bit under the weather. However, when a serious illness occurs, it can sometimes place a major strain on a marital relationship. Specifically, it's women with health problems who are more likely to experience the end of a marriage than men.

One study found that it's only the onset of a wife's illness that's associated with a greater risk of divorce. Additional clinical studies show that husbands are more likely to be the ones making a trip to a divorce law firm if their wives are diagnosed with cancer. Researchers also discovered that stroke and heart problems could increase the risk of a marriage coming to an unexpected end for women.

Filing a child support modification request

Divorced parents in Oklahoma who are owed child support payments should be aware of potential limitations on when and why they can request modifications. For example, if the non-custodial parent has a significant increase in income, this may be a reason to request a modification. However, some states place limits on how often a parent can request a modification. In some states, a parent can only request a modification every 24 months.

The courts will also examine the reason for the modification. Generally speaking, the courts want to see that either the non-custodial parent's income has increased or the child's financial needs have increased. They will be much more willing to grant a modification request if a child has unexpected medical expenses or educational expenses.

Avoiding real estate mistakes when divorcing

Oklahoma couples who are in the process of getting divorced should remember not to make mistakes when it comes to keeping or selling their homes. Many couples put off selling their houses and end up facing legal headaches as a result.

Some couples choose not to sell their home because one of the spouses is attached to it, or it would upset the children. In these cases, many couples choose to have one spouse stay in the home. While this is a viable option for couples who would rather not sell, there are some drawbacks. For example, if the spouse who moved out stays on the deed, he or she could be held financially responsible if the other person can no longer afford the mortgage payment. There may also be issues if one spouse decides to sell the home, and the other person disagrees. For these reasons, some couples choose to sell their house as soon as the divorce is finalized, ensuring each spouse gets his or her fair share.

Reducing divorce risk with pre-marriage financial planning

It's no secret that financial issues can lead to the end of a marriage for Oklahoma couples. One survey found that nearly 60 percent of respondents say financial problems "somewhat" contributed to the end of their marriage, and 20 percent cited money-related matters as a "big" reason for their divorce. This is why an online dating coach urges couples not to walk down the aisle without discussing spending, saving and other financial issues.

Couples looking to avoid the type of financial-related stress that could contribute to a divorce may benefit from a pre-wedding meeting with a certified financial planner or financial therapist. While some people see prenuptial agreements as a "divorce contract," such documents could be effectively used to clarify decisions about how assets obtained before and during a marriage will be handled.

The value of being a good parent after divorce

The typical marriage has about a 50/50 chance of ending in divorce. When a marriage ends, it can have an impact on both children and parents alike. Therefore, it is important that Oklahoma parents are able to get past any issues that they have with their former partners and focus on the needs of their children. Generally speaking, children will model the behaviors that are passed down from their parents.

This can have a profound impact on how they function in relationships when they become adults. If a parent is able to compromise and solve problems with a former spouse, the children will learn how to handle their own problems effectively. In many cases, kids can adjust faster to a divorce if their parents are able to work together after a marriage ends. Someone who has been divorced can be an effective parent even if they don't get along with their ex.

TILSA
Email Us For A Response

We Can Help You

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

616 South Boston Avenue
Ste 400
Tulsa, OK 74119

Phone: 539-777-2802
Tulsa Law Office Map