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Financial decisions to make during a divorce

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Georgia residents who are contemplating getting a divorce need to take steps to protect their financial future. Doing so can help to protect their interests as well as their children. Parents who stayed at home to raise the children should know that they are entitled to a portion of the income that a spouse earned.

One way to obtain financial protection in a divorce is to open a personal checking and savings account. This should be done with full transparency to avoid being accused of hiding assets during the divorce. Joint accounts should be closed as soon as possible, and individuals who are ending their marriage are encouraged to refrain from adding any new debt. This can make it easier to save money and obtain a level of financial independence when the marriage is officially over.

Keeping good records is invaluable during a divorce proceeding. This can include taking pictures of any items purchased during the marriage. It is especially helpful to take pictures if there is reason to believe an abusive spouse will try to hide or destroy items of value. Reviewing bank statements and getting a better idea of the family finances can work to end power imbalances and help a person during divorce settlement talks.

In a divorce, there are many issues that can arise such as who will be staying in the marital home. In some cases, the decision is made to sell the home and split the proceeds. An attorney may be able to provide advice as to what can be done with a home or other marital property such as a retirement account or car. Settlements may take place through mediation or other collaborative means if spouses wish to avoid litigation.

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