Getting a divorce involves separating a number of shared belongings, assets and property between two individual parties. If the two people have children together, then creating a custody arrangement is another part of the process that has to be completed. However, several financial aspects also need to be considered for those obtaining a divorce in Georgia.
As they begin the process, the two individuals are typically concerned with their immediate needs and how they are going to provide for themselves and their children. While these concerns are important, it is crucial to remember the long-term financial implications when working through the divorce settlement. In many cases, the parent with primary custody of the children will want to remain in the house. The cost of upkeep of the house in addition to providing for the children, however, may be more than they are capable of earning on their own.
Furthermore, many divorcing couples want to split assets equally. In the process of doing this, the parties have to remember that the value of things now may not necessarily reveal their worth down the road. The family home may be a major asset, but it is one that costs a lot to maintain; conversely, a retirement account will most likely make money over the years. In this way, understanding the difference between assets and cost-burdens can help prevent an unequal split of property.
Those divorcing in Georgia have a number of financial issues to deal with and processes to understand. Someone who has experience dealing with the financial aspects of divorce and separations may be able to provide much needed assistance in the midst of a divorce. Creating a clear and thorough divorce decree can greatly ease the stress of the process.
Source: unionleader.com, “Money Sense: Financial mistakes to avoid during a divorce settlement”, Marc A. Herbert, May 3, 2015