A divorce can take a toll on your mentally and emotionally. This major life change can affect your finances as well. Once you decide to end your marriage, you and your soon-to-be-ex will have to make several decisions concerning property division. If you live in Georgia, working with a family law attorney and financial planner can help you address some of the financial concerns you’ll face in a divorce.
Dividing assets
When you decide to get a divorce, one of the first things you’ll have to figure out is how you’ll handle property division. This process may involve determining who will get the antique furniture that was passed down to you by family members or who assumes ownership of the stocks the two of you invested in together.
Make sure you are familiar with Georgia laws concerning asset division since Georgia is not a community property state. This can prepare you for the financial implications of ending your marriage. When it comes to property, there are particular issues you should consider if you plan on buying another home while you are in the process of divorce.
Dividing debts
In many cases, dividing debt is more challenging than property division. Even if you completely trust your spouse, you should order a copy of your credit report so you’ll know which debts are in your name. This includes joint accounts. The credit reports will also let you know which debts are only in your spouse’s name. It’s important to stop your debts from increasing while you’re going through a divorce. Be sure to cancel any joint credit cards you have, and leave one card in your name that you can use in case of a financial emergency.
