• 03
  • January
    2012

Money is a factor in many divorces. Arguments about money can strain the relationship between spouses and contribute to a decision to end the marriage.

This is as true of divorce in Atlanta as it is anywhere in the country. Couples get tired of arguing about the bills or financial priorities and finally decide to split.

But the decision to divorce is in many ways only the beginning, not the end, of money issues. Property division must be done fairly, but it can be tricky in a post-Recession economy in which setting up two households isn't as easy to do as it used to be.

This is especially true for people who have been married awhile and may even be nearing retirement. As the Wall Street Journal recently reported, later-in-life divorce involves significant financial challenges.

For example, a partner who has not taken steps to develop a credit history and be fully informed about the couple's finances could have problems getting credit or managing money after the marriage ends. Not surprisingly, it is still far more often women than men who end up in this situation.

Health insurance coverage is another important consideration. In marriages of long duration, often one party has a work-related policy that also covers a spouse. In the event of divorce, it therefore becomes very important to resolve the issue of insurance coverage for both parties.

This is particularly the case as people age and experience more health problems. Medical care is expensive and it's important to have insurance to help pay the bills.

There is the matter of pension benefits and how those should be divided in a long-term marriage.

Talk with an Atlanta family attorney at our firm to discuss your specific case.

Source: "When Divorce Unravels Your Retirement Plans," Wall Street Journal, 12-24-11