Keeping track of one’s finances and assets is an important responsibility in any relationship. This is especially true if one’s marriage is on the verge of separation or divorce, or in the midst of this process. As individuals work through a divorce, Georgia family law professionals can provide guidance and assistance throughout the process of figuring out property division, child custody and other aspects of divorce.
Protecting one’s credit score is incredibly important as the divorce process begins. Maintaining current payments for the mortgage, credit cards and other bills will allow both parties to sustain strong credit scores during the divorce. When couples fail to keep up with these payments, their credit scores can drop, causing damage to both parties for the possibility of future credit.
Understanding shared assets is another key step for property division. How these assets will be divided between the two parties varies by state. It is important to inventory those assets that are shared and figure out whether they are considered community property or if they will be divided through equitable distribution. Furthermore, if there is a retirement savings or pension involved, family lawyers can help people understand the financial ramifications that they might have.
Working through a divorce is generally a daunting and stressful process for those involved. Having a firm knowledge of one's finances, assets and property allows one to be prepared for these aspects of divorce. Individuals considering or beginning this process in Georgia can seek the assistance of legal professionals. Those in the field of family law have experience in handling a variety of divorces and can provide guidance every step of the way.
Source: startribune.com, "Don't let divorce season upend your finances", Kevin Voigt, April 1, 2017