In, Oklahoma, oil and gas plays an important role in our economy. However, the oil and gas sector by its very nature is very volatile, which adds complexities when you are divorcing someone in the oil field. Additionally, compensation packages for oil workers is often complicated. So, it is important to make sure you understand how your oil and gas field spouse is compensated before you begin the divorce process.
Below Are A Few Things To Make Sure You Understand Before You Commence A Divorce With Someone In The Oil And Gas industry:
- Does your spouse's employer have a pension?
- Is part of your spouse's compensation stock? If so, when does it vest?
- Is your spouse an employee of a company or work as an independent contractor?
- Try to have a baseline understanding of your spouse's 401K balance
- Did your spouse get a signing bonus prior to commencing work for the oil and gas company? If so, do you know how the bonus was paid out
- Does your spouse get an annual bonus? If so, how is it calculated?
- Is your spouse privvy to executive compensation incentives?
- Are royalties or overrides part of their compensation package?
Note, this is not an exhaustive list, just a few things to think about.
Do not worry if you do not know the answers to these questions, Hayes Legal Solutions, PLLC is here to help you find out these type of things that are essential to making sure you get what you deserve, when splitting from an oil and gas worker.