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Divorce can be costly but preparation can help

Divorce is an unpleasant and costly undertaking in Georgia. While little can be done to ameliorate the unpleasantness factor, there are steps that can be taken to possibly reduce or at least to improve the financial implications of a divorce. A little bit of forethought and research can be helpful.

When it comes to dividing up assets there are multiple issues to be considered. For example, if there is a family home and a family business involved, a couple may agree to share them in that one of them gets the house and one of them gets the business; while the assets may have similar value in the present, that may not be the case in the future. Other things to be considered include deciding if the home or business will be retained. If the home or the business is to be sold in the near term, there are tax exemptions to be considered. The home would receive an exemption, the business would probably not.

In addition to property, other assets to be considered include life insurance policies, IRAs and health insurance. There are no easy answers to any of these issues. However, reviewing the options prior to a final settlement being reached may be beneficial.

A person considering divorce in Georgia may want to consult with an experienced family law attorney. A knowledgeable attorney can review a person's assets and liabilities and help advise his or her client on possible options. A lawyer can also bring a calming and unbiased presence to what can be a very emotional process.

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