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Divorce and the financial pitfalls to be aware of

The financial aspects of a divorce are many and can be complicated. Those considering a divorce in Georgia may benefit by becoming familiar with some of the more precarious financial pitfalls. The first thing to be aware of is that Georgia is an equitable distribution state as opposed to a community property state. In a community property state assets may be split 50-50. In an equitable distribution state the split is not necessarily equal, but is meant to be fair.

One item to be considered in dividing assets is the family home. While the desire might be to allow one spouse to keep it in order to avoid uprooting the children, the financial reality may make that difficult. It may be better to decide ahead of time if keeping the house makes sense.

Retirement accounts are also usually part of the marital assets, at least as far as contributions made after the marriage. Quarterly statements can be useful for determining the amount that existed prior to a marriage. If an account is shared, the court will enter an order with regard to the split. The reason for this is to prevent the split from appearing as a withdrawal that would then be subject to taxes.

A person in Georgia who is considering a divorce may do well to consult with an experienced family law attorney. A knowledgeable lawyer can assist in reviewing the client's assets and liabilities. A thorough review by a professional can help to ensure that all the bases have been covered and that a fair settlement can be reached.

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