Financial tips for people getting divorced

Upon making the decision to end a marriage, Georgia residents must put their energy into navigating the process and setting themselves up for a new future. For most people, financial matters can cause a lot of angst during a divorce but people are cautioned to avoid just focusing on immediate property division issues and look at the larger picture. It is important even in the midst of divorce proceedings to protect oneself financially for the years to come.

One thing people should be aware of is the impact of a divorce on their credit scores. Like it or not, most people’s credit will take a hit for some time after a divorce is over. For this reason, watching it carefully is important in the event that inaccurate information should show up. Catching errors early will give people the opportunity to take the steps necessary to have incorrect data removed before they are in need of new credit. It is equally important to take conscious steps toward rebuilding good credit and monitoring scores regularly can give people the chance to see this progress as it goes.

Separating from a future former spouse financially should be done as soon as possible once a divorce has been initiated. As hard as it may be, this may well include closing any accounts held in both spouses’ names and opening new, individual accounts. This reduces the chance for one spouse’s actions to negatively impact the other spouse.

Georgia spouses contemplating divorce might find it helpful to discuss the financial impact with an experienced attorney. Having such information before making the choice to pursue divorce may offer the ability to stay protected during the process.

Source: USA Today, “4 ways to protect your finances during a divorce,” Shawn Leamon, Jan. 28, 2017

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