Part I: Dispelling common myths about divorce and money

There probably isn’t an adult alive who doesn’t subscribe to a popular myth or two. Common myths include the following: the water in toilets swirls in opposite directions in the northern and southern hemispheres; Nick Saban is the best coach in the SEC; and the Great Wall of China is the only human-made structure visible from outer space.

Other commonly believed myths are possibly more damaging. They revolve around divorce and money and include such items as “you don’t have to worry about your spouse’s credit card debt” (if the card is in both of your names, you are both responsible for the debt) and “women never pay spousal support” (courts often order women who make more money than their husbands to pay alimony).

A recent article on common myths about divorce and money also included the following gems among those to be disregarded:

Your house will be the biggest asset at stake in your divorce: while this is for many people true, it can be off the mark in Alpharetta divorces involving business ownership, significant stock holdings, multiple real estate properties, retirement accounts, pensions and the like.

Another myth: If your spouse doesn’t know about all of your assets, you won’t have to share them in divorce. First, it is not only unethical to hide assets, but it is also against the law. You can face harsh court sanctions for hiding assets.

We’ll have more about popular money myths in an upcoming blog post.

To learn more about how a skilled family law attorney can protect you, your family and your financial interests, contact The Siemon Law Firm.

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