Harrison & Medlin, P.C.
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706-250-7653

Creating a financial plan during a divorce

The national divorce rate has fallen to about 39% since the 1980s, but there is no guarantee that a Georgia couple won't experience divorce themselves. Therefore, a married partner should be prepared ahead of time for the financial consequences a divorce can bring.

A spouse may want to speak with both an attorney and a financial planner before and during the divorce process itself. This may help a person understand what they may be entitled to in a settlement. A financial planner may also be able to provide insight into how dividing assets could impact an individual's tax situation. To determine what could be split in a divorce, a spouse must first take an inventory of household assets. These assets could include money in a bank account, brokerage account or retirement account. They could also include equity in a property or anything inside of a home that was purchased with joint funds.

Individuals should be able to obtain copies of bank statements, tax returns and other records that have their names on them. After a divorce, it will likely be necessary to create new spending and savings goals. Those who are going through a divorce might need to account for alimony or child support payments when creating their new budgets.

Ending a marriage can lead to many life changes. For instance, a divorce settlement may mean having to replenish a bank or retirement account while also supporting a child or former spouse. An ex may also be required to pay for a house, medical care and other needs on their own. However, a family law attorney could help a client acquire a larger share of marital property or other resources that they may need to obtain a sufficient degree of financial stability.

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