Dealing with the financial aspects of divorce can be challenging, especially if one does not have a solid awareness of marital finances. Individuals in Georgia have resources available to them that can provide guidance and assistance with the divorce process. The assistance from a family law professional can be invaluable during property division.
Before the two parties can decide how assets and liabilities will be divided, it can be helpful for each to have a good understanding of them. Debts, real estate and the money in their bank and investment accounts are all important factors in this process. Knowing the worth of these assets and obligations can be more challenging than it appears, since not all of them have been liquidated.
Taxes are another thing that can complicate matters during this part of the divorce process. Some assets can be liquidated tax-free, while others may result in both taxes and a penalty. Child and spousal support are also important considerations. Being confident in one’s understanding of his or her finances and what life will cost after the divorce can ease the stress and tension that this aspect of the process can cause.
Throughout property division negotiations, it may be helpful to focus on the process as though it is a business deal, keeping emotions in check. Obtaining guidance from a legal professional can help in determining which assets to prioritize and which debts must be addressed responsibly. Those in Georgia who are considering divorce typically benefit by considering both the immediate and long-term effects of the financial decisions which must be made.
Source: huffingtonpost.com, “8 Tips to Keep From Being Taken Advantage of Financially in Divorce“, Karen Covy, Jan. 29, 2016