When couples in Georgia decide to end their marriage, there are a lot of considerations that must be made. People have to literally split their entire lives into two. While the process is straightforward for some, high-asset couples may find that their divorce is even more complex. In addition to typical divorce issues — like child custody and child support — high-asset couples may have other financial issues to deal with during their divorce, especially property division issues.
However, financial issues in divorce are not limited to high-asset couples. According to a new study, most couples are worried about the cost of a divorce — especially those couples without children. Furthermore, at least 42 percent of couples were worried about property division issues. And for couples with children, financial issues were their second biggest concern after child custody issues.
This new data shows just how important financial issues are to those divorcing in Georgia. It also highlights the importance of focusing on property division and other financial issues during the divorce process. People, especially those involved in high asset divorces, should make sure they understand their financial situation prior to completing the divorce. This includes making sure they understand what valuable property they own. People should also understand their debt load.
When people understand their finances then they will be much better prepared to handle financial issues during their divorce. With the right help, agreements can be made that help high-asset couples split their assets effectively so that each party walks away from the divorce in the best financial footing possible. If these issues are not carefully considered people may end up spending more money than necessary in the long run to sort out their financial situation.
Source: The Huffington Post, “Divorce Study Indicates That Cost Of Splitting Up Is Top Concern For Divorcing Couples,” Aug. 1, 2013