An oftentimes overlooked or underestimated aspect of the divorce process is the role of finances. Many people recognize the strain that separating from one’s spouse can cause, but the organization and division of financial assets in the course of a divorce is not as well understood. Georgia couples that have decided to get a divorce have some financial information that needs to be prepared.
Understanding how much is in one’s bank accounts, whether shared or separate, is the first thing one can do to be more prepared financially. Also, one may want to obtain an awareness of his or her life insurance policies and retirement accounts. These may be personal or may come from one’s employer. Investments, in stock or real estate, may be solely one spouse’s or they may be shared. Either way, it is important to understand these investments and what they may be making or losing each year.
Three more things to obtain documents for pertain to one’s home and belongings. Loans and mortgages for one’s house, as well as the financial records of other property and vehicles, are things that may be forgotten in the stress of a divorce. Valuables within one’s home, like jewelry or furniture, are other assets that may be easier to divide if both spouses have and understand the documentation.
Divorce is a life-changing process that tends to carry a great deal of stress with it. As one deals with the emotions and tension that arises, financial assets can oftentimes be lowered in priority. By obtaining and organizing the documents for the various assets that one possesses, Georgia couples may find that this aspect of divorce does not have to be stressful.
Source: thespectrum.com, “Facing divorce? Organize finances now“, Dustin Schofield, Sep. 12, 2014
