Menu
The Siemon Law Firm
Honest Answers.
866-497-5134
View Practice Areas

Are you in the dark about marital assets?

Whether we're talking about cooking, cleaning, carrying the kids to soccer practice or planning investments, every married couple has their own way of dividing up duties. But when one spouse does all of the financial planning while the other pretty much stays in the dark about money matters, there is the risk of the uninformed spouse losing out in the event of divorce.

One problem that occasionally arises is that a divorcing spouse chooses to hide assets from the divorce settlement. Keep in mind that concealing assets in a divorce is illegal in Georgia, but that doesn't stop some dishonest individuals from trying it. In any case, don't believe your soon-to-be ex if he or she tells you that a retirement account or stock options can't be divided in a divorce.

When the marital split is not so contentious, then a mediator can help the divorcing spouses reach the terms of their separate financial futures, but each person needs to be aware of what is at stake. A secure financial situation for both parties is an especially important topic in mediation if the parties have a child together.

A recent article in Forbes points to three suggestions from Fidelity Investments regarding how couples, divorcing or not, can manage their marital property:

  • Have time set aside to clearly communicate about your financial future.
  • Be ready to work together, perhaps with the help of a mediator.
  • And keep control of your financial plan by occasionally reviewing it.

It's also important for both spouses to know exactly what kinds of property can be divided in a divorce. You may want to keep or sell the home, or you may want to negotiate for part of your spouse's retirement plan, or you might want to negotiate for part of an asset such as intellectual property or an art collection that may appreciate in value over time.

We're talking about marital property -- property that was acquired during the course of a marriage -- so it is important to remember that both parties may have a right to that property when planning their financial future.

Source: Forbes, "Women: Be Equal Partners In Marital Finances," Jeff Landers, Nov. 6, 2013

No Comments

Leave a comment
Comment Information
Contact our Georgia Family Law Firm by calling 866-497-5134 or by completing this contact form. An attorney will respond within 24 business hours.

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

Privacy Policy

347 Dahlonega Street, Building 100
Cumming, GA 30040
Toll Free: 866-497-5134
Phone: 770-888-5120
Fax: 770-521-4317
Cumming Law Office Map

4555 Mansell Road, Suite 300, #28
Alpharetta, GA 30022
Phone: 770-521-4316
Fax: 770-521-4317
Alpharetta Law Office Map

3348 Peachtree Road Northeast, Suite 700, #721
Tower Place 200
Atlanta, GA 30326
Phone: 678-954-4917
Fax: 770-521-4317
Atlanta Law Office Map