Amidst the hardships of divorce, one matter that has to be addressed is dividing assets, including financial accounts. Many couples share credit accounts, so what happens to these during a divorce?
What happens to credit cards and debt in a divorce?
When married business partners get divorced
Anyone in Georgia who has ever gotten a divorce knows that untangling a marriage can be a very complicated thing. When the couple also owns and runs a business together, there is a whole new layer of complexity with which to deal.
Child custody basics in Georgia
If you are the parent of a minor child in Georgia and you and your spouse are getting a divorce, you will no doubt have questions and concerns about custody of your child. It will be important for you to understand how the state approaches these decisions.
Keeping a joint mortgage after a divorce
If you are like many people in Georgia, your home is the single largest financial asset that you and your spouse own. This reality, along with the emotional attachment that many people have to their homes, it is no wonder that deciding what to do with your house when you get divorced can be so complex. What exactly are your options about your home during a divorce?
Tips for positive co-parenting after a divorce
One thing that divorcing parents in Georgia must come to terms with is the fact that while a divorce can end their marriage, it does not eliminate the need for them to work together with each other to raise their children. Co-parenting after a divorce is an art unto itself and can require a high level of flexibility and patience on the part of both parents.
Splitting retirement accounts in a divorce
When getting divorced, spouses in Georgia may need to split the assets in their retirement accounts as part of their property divisions settlement. However, it is important to understand that splitting these accounts may not be the same as splitting other assets as special rules may apply. SmartAsset indicates that without the use of a Qualified Domestic Relations Order, people may have to pay early withdrawal penalties and taxes on any money taken out of a 401(K) even if the distribution is outlined in a divorce decree.
Before you divide the artwork: The importance of valuation
Assets that a couple obtains during the marriage become marital property, and these have to be divided in a Georgia divorce. Forbes warns that unlike financial assets, personal property does not have a straightforward price tag that can be used as a bargaining tool when spouses are trying to decide who gets what. Artwork falls under this category, and while some may have more sentimental than monetary value, others may be worth more than the house. In either case, a proper valuation may tip the scales on who gets to keep the piece in question.
What can we learn from the Brangelina divorce?
If you are currently going through a Georgia divorce that involves custody issues, you may be sympathizing with Angelina Jolie or Brad Pitt as their custody questions are discussed in the news. Even if your situation is nothing like theirs, the upheaval that your child is facing may be similar to what the Jolie-Pitt children may go through in the coming months.
