Atlanta, GA- Divorce can wreak havoc on a person’s finances and leave them with a tangle of finances to resolve. How a couple divides their assets, which can include the marital home, bank accounts, retirement accounts and businesses, can be a very difficult issue to resolve. Here our team of divorce lawyers in Atlanta will offer a few tips that can help you protect your financial interests.
First you need to know that Georgia is a community property state, which means all assets accumulated during a marriage will be divided equally between both spouses.
The first thing you must do is gather all of your financial documents together. Get together all your bills, your mortgage documents, property deeds, bank records, bills, loan papers, etc. Your lawyer needs a complete picture of your finances or help you negotiate for a favorable settlement. You lawyer needs to know what debts you have exclusively, which ones you share with your spouse and which ones are exclusive to them. Same goes with your assets. They also need to what your income is and what your
Once you’ve given these documents to your attorney, they will be able to determine which assets need to be divided and who is responsible for paying back each debt. They will also be able to determine if you are entitled to financial support from your estranged spouse.
Another way you can protect your financial interests is for you and your estranged spouse to discuss how you will divide your mutual assets long before you meet with an attorney. You and your spouse are probably having disagreements over this issue, but you need to talk about and get an idea of each other’s expectations. This will give your attorney an idea of where to start with negotiations.
The marital home is often the asset that a couple fights over the most. Their home is typically their most valuable asset and carries a great deal of emotional value. That is why divorcing couples struggle with what they should do with their marital home.
The simplest solution for the marital home is to put it on the market, sell it, and split the proceeds between both spouses. That’s the easiest route and an effective way to protect your financial interests, but that is not always the best option for a couple. If one spouse may insists they remain in the home to raise a couple’s children or because they are attached to it. If that is the case, it is possible for the spouse who wants to keep the home to buy out their soon-to-be-ex’s portion. That way they become the sole owner of the home and are not in debt to your former spouse.
The most assured way to protect your finances is to rely on an attorney to negotiate the financial terms. They understand what is allowed under Georgia law and have the skills to negotiate for a fair settlement. Divorce is going to impact a couple’s finances no matter what. That is why it is wise to enlist a divorce lawyer in Georgia to ensure your finances are protected and you won’t face financial ruin because of your divorce.