Finances are a very important aspect of divorce and are not something that can be overlooked or ignored. For those that do not have a thorough knowledge of their individual and shared financial situation, this process presents the perfect opportunity to figure it out. Individuals considering divorce in Georgia can obtain assistance from family law professionals to help them through this process.
Prior to even beginning the paperwork, it is helpful to understand what one’s finances, assets and debts look like. Although laws regarding how assets are divided in the case of divorce vary by state, it can be beneficial to know what one’s assets are, as well as those that are shared, and what one may be entitled to after the split. Becoming fluent in one’s financial affairs is crucial for a smooth transition after divorce.
Additionally, it can ease the stress and tension of the process if one is aware of his or her strategy concerning child custody. Deciding that the parents will work together through shared custody or co-parenting can direct talks later about the specific details like alimony or child support. Closing all shared bank accounts or credit cards is also important as the two individuals separate. Working with the other party to go about this can keep communication open and amicable throughout the divorce.
Finances are tied up in almost every aspect of the divorce process and can make things a little challenging in some situations. When two parties are able to work together to create child custody arrangements, split assets and close accounts, the entire process goes much more smoothly. In Georgia, those thinking about obtaining a divorce have resources available to them that can provide some guidance.
Source: wisebread.com, “5 Money Moves to Make the Moment You Decide to Get Divorced“, Brittany Lyte, Feb. 17, 2016