Post-divorce financial life: prepare for it during divorce

| Mar 25, 2015 | Divorce |

That above headline admonition seems rather obvious and self-explanatory, doesn’t it?

Written any number of ways, its central message is this: if you’re presently involved in divorce negotiations in Georgia or elsewhere, look past the drying ink on the divorce decree as you’re working your way through dissolution-related money matters.

Because, if you don’t, you’re going to find out in a quite rude manner at some point down the post-divorce road — if not immediately — that you should have.

It’s really all about equity, as well as the ability to stay financially afloat and secure in the new world that beckons following a marital split. Many couples often spend considerable time — sometimes decades — amassing assets of various kinds. A fair division of marital assets is thus a central focal point of many divorce negotiations.

What is a “fair” accounting? In Georgia, fair means equitable, which is not necessarily a 50/50 split.

The bottom line in a Georgia division-of-property matter pursuant to divorce is that a court will look closely at all the assets a couple possesses, with a fundamental focus being on whether an asset is deemed separate or marital property.

Although the latter is subject to equitable division in a divorce proceeding, it is not always readily apparent what qualifies as a marital asset. As one media article on divorce and money counsels, “Always listen to your legal counsel as to the laws that apply to your situation.”

That article also advises readers to secure a recommendation from a proven family law attorney for an experienced estate planning lawyer.

Life goes on following divorce, and it certainly makes sense for a divorcing person to have an eye on the future by paying close attention to money matters during the divorce process.

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