Most people do not get married with the goal of eventually getting divorced. However, for some couples, divorce becomes the only option to end an unsatisfying marriage. The process of separating completely from another person can be emotionally draining, and it can create a great deal of financial stress as well. Those is Georgia considering divorce may want to seek guidance from a family law professional to gain a better understanding of how this action will affect their finances now and later.
In many marriages, one spouse handles the majority of the finances. From monthly bills to how much goes into the vacation fund, this person has a much deeper understanding of the couple’s financial standing. When divorce enters the picture, though, it can be incredibly helpful for both parties to have an understanding of their shared and individual assets and debts. Knowing what assets one possesses currently and what portion of future assets, like retirement accounts, one is entitled to will be crucial as property is divided between the two parties.
Whether or not alimony may be awarded, as well as potential child support, are also factors to be taken into account as people consider what their financial situation will be after the divorce is finalized. Running a home on a single income, instead of with a combined income, is a major change for many divorcing spouses. Keeping these things in mind can help one be better prepared to work through property division negotiations.
Divorce is a major event that affects nearly every aspect of one’s life. The financial implications of the divorce process and the adjustment afterward are crucial for divorcing parties in Georgia to consider. Family lawyers have experience handling divorce and property division and can assist those beginning this process.
Source: capenews.net, “Cutter Family Finances: Until Death Do Us Part… Well, Maybe Not“, Susan Roman, Sept. 15, 2016
