Jump to Navigation

Financial mistakes can be very costly in a divorce

Financial mistakes, by their very nature, can be costly and should be avoided as much as possible. This is perhaps seldom truer than when a person is going through a divorce in Georgia. Divorce can be financially and emotionally draining, and the temptation to make use of what appears to be easy money could in reality result in a very costly mistake.

There are some pitfalls that can be avoided to reduce the chance of a financial mishap. Retail therapy is a frequent tool for lifting one's spirits. However, this may not be the time to buy the sports car one has always wanted. Investments are typically viewed as long-term assets and shouldn't be tapped to reduce debts. This could impact one's tax liability as could early withdrawals from a 401(k) account.

Another costly mistake can be in keeping a home or in thinking that one is doing a favor by giving it to a spouse. The reality is that the mortgage and upkeep required on the home may not be sustainable. While it can be emotionally difficult to part with a family home, it may make more sense financially to downsize to something smaller.

Yes, divorce can be costly. But if one can think rationally, come up with a financial plan and attempt to view the future in a positive light, some of the pitfalls may be avoided. A person in Georgia who is contemplating divorce can further protect him or herself by seeking the advice of a knowledgeable family law attorney. A lawyer can review a client's financial situation and may be able to make recommendations for options that will optimize the monetary outcome.

No Comments

Leave a comment
Comment Information

Let Us Help You

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Subscribe to This Blog's Feed

Office Location

Evans Office
Harrison & Medlin, P.C.
254 North Belair Road
Evans, GA 30809

Toll Free: 800-406-1621
Phone: 706-250-7653
Evans Law Office Map

Lincolnton Office
286 N. Peachtree Street
P.O. Box 1150
Lincolnton, GA 30817
Map and Directions

Facebook

FindLaw Network