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Taxes and credit to be considered in Georgia property division

Divorce can affect one in nearly every area of life, including emotionally and financially. It can be incredibly stressful to move from being a couple to being an individual. Working through property division can be an especially daunting task as there are many things to consider. Family law professionals can assist those going through divorce in Georgia through the process of dividing property and other assets.

Filing taxes can change with the division of property between the two parties. Additionally, one will now file as a single individual instead of as married. One's accounts, including debts, will also have to be taken care of during the divorce process. As property is divided, one party or the other may be assigned to cover certain debts. It is important to be aware of whose name is on loans and other debts in order to protect one's credit.

The family home may be awarded to one party, or both individuals may have to find a new living arrangement. Either way, taking care of living expenses may come as a shock to one's individual salary. Budgeting and gaining an understanding of one's financial situation can help as one works to provide for oneself.

Taking care of one's credit, taxes and other living expenses are all important aspects of the divorce process. As individuals in Georgia work through a divorce and property division, they can seek assistance from those in family law as well as other professional resources. With their guidance, one's divorce can go from being stressful to smooth and stress-free.

Source: goodmenproject.com, "How Not to Get Financially Blindsided By Divorce -", Zephyr Hill, July 12, 2016

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