Atlanta Lawyers Protecting Your Assets In A Divorce
The division of your marital assets is a very important part of your divorce. In Georgia, most marital property will be divided in an equitable fashion. This means that many assets will be divided 50-50, but the overall mix will need to be fair, even if that means more assets given to one spouse.
Our attorneys at The Siemon Law Firm have many years of experience working with clients to achieve settlements with their marital assets that make sense and work for them. We can help you, no matter how complex your property may be, even if it includes own businesses and professional practices. To schedule a consultation, call 770-888-5120 to make an appointment at our Atlanta office.
The Family Home And Retirement Accounts
You must consider the full spectrum of your financial life. From immediate concerns, such as who will keep the family home to the very long run of dividing retirement accounts – this can be a complex series of calculations. For instance, with a family home, you most account for the direct cost of the mortgage, insurance and property tax, as well as issues like maintenance of the home.
What Is The Real Cost Of Home Ownership?
You need to fully assess whether you can afford the price of a new roof, air conditioner or other periodic maintenance, like painting, lawn care and all the other expenses that follow from home ownership. While it may be ideal to allow the children to remain in the home and minimize disruptions for their schooling and network of friends and activities, you must balance that with your economic situation after the divorce is complete and ensure that you have not compromised your future.
Don’t Forget Your Debts
Our attorneys can help you carefully make this assessment. We will examine all the family’s resources and liabilities. Division of debt is another important element of property division. You may need to refinance a home or your vehicles, as you do not want your former spouse associated with any of your financial accounts, including any credit cards or loans.
Your loan contracts and mortgages are separate from your divorce settlement and financial institutions do not care that a vehicle is now your former spouse’s; if you are still on the loan or account and your ex-spouse stops making payments, you will be asked to pay the debt.
How Will Taxes Affect Your Settlement?
It is also necessary to examine the effect of taxes within a settlement. Receiving $100,000 in retirement assets is different from receiving $100,000 in cash today. If the account is a 401(k), you will be paying taxes on the distributions and that is substantially different than if it was in a Roth IRA. Similarly, if you must sell investments or real estate to separate the property, the tax effects must be considered.
Our attorneys are meticulous and will assist you during this process to ensure that your accounts are separated, your debts are properly divided, and your financial future is secured.