While it is true that a divorce represents the end of a marriage, it often does not represent the end of a relationship between the onetime spouses. Aspects of a divorce such as child custody can require interaction between the parents of a child, or children, for years to come.
Some aspects of a divorce agreement, however, are intended to be more or less final. In particular, property division in Georgia is often something that is not revisited after the fact. That means it is important to get it right the first time. Below are three issues that divorcing couples may not be aware of regarding property division.
- “Fair” doesn’t mean “equal.” Courts usually decide to divide assets fairly, but this doesn’t necessarily translate to a 50-50 split between the parties. Fairness, in the court’s eyes, has several factors involved, including the length of the marriage, the age of the parties, and the financial needs of each of the parties.
- Dividing retirement accounts can be difficult. Because one party may have contributed to his or her own account on behalf of both parties, sometimes in the form of both pre-tax and post-tax contributions, untangling things can get complicated. An experienced divorce attorney can be a big help in this area.
- You might be on the hook for your spouse’s credit card bills. If an account was opened jointly, the accounts are the responsibility of both parties — even if the spending was done mainly by one person. This could affect your credit rating for several years down the road.
Knowing what you’re getting into ahead of time can make the process a little less jarring when it actually comes to pass.