What can Georgia divorcees do to protect their finances?
There are several steps divorcees should take to protect their finances when they go through the property division process.
Those in Georgia who decide to end their marriage may experience significant changes to their way of living, especially where their finances are concerned. Before moving forward with the divorce process, divorcees should take several steps to protect their best interests and ensure their financial stability moving forward.
Put together documentation
During the property division process, documentation can ensure divorcees retain certain assets or else they may find that they end up as part of the marital estate. Before divorce proceedings, those ending their marriage should put together copies of their financial statements from both personal and joint accounts for at least the past three years. Other forms divorcees might want to collect include brokerage firm statements, tax forms and any other financial documents signed over the past few years. When possible, these forms should be in paper format instead of electronic.
Identify all assets
Before the property division process gets underway, divorcees should identify all of their assets to determine how much capital they possess and where it is kept. Then, divorcees should identify what assets belong to them and which assets belong to their spouse. This applies to investments, bank accounts, mortgages and any other significant assets.
Liquify some assets
During the divorce process, divorcees may be left without access to any cash if they are not careful. To prevent this from happening, divorcees should find a way to secure extra cash they can use while the property division process commences. While divorcees should not wipe out their accounts entirely, they should make sure they have enough to cover their bills if an emergency happens.
Open a new personal credit card
After couples decide to divorce, they should close all joint accounts as quickly as possible and open personal ones. Divorcees should do what they can to protect their credit at this point, so they may want to consider opening a new, personal line of credit.
At this point, divorcees should also keep a close eye on their credit score. As changes are made to their finances and joint accounts are closed, some may notice a drop in their credit score.
Contact an attorney
Those who are concerned about their impending divorce may still worry about how they will fare financially, even by taking these steps. When this occurs, divorcees in Georgia should contact an attorney in their area for guidance ensuring their financial future and to receive advice on managing their divorce successfully.