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Alpharetta Family Law Blog

How finances change after divorce

For many Georgia couples whose marriages are coming to an end, a divorce can mean financial challenges. Although women are increasingly working outside the home and earning more, they still tend to pay a higher price in a divorce in terms of financial insecurity. Because they tend to take on more caregiving duties, women also give up some of their earning power.

Women may also be less likely to fully understand the household finances. Although they may be responsible for paying some bills, their husbands may primarily manage the money in the relationship. Therefore, the first step a woman may need to take toward protecting herself in a divorce is organizing finances. This includes looking at assets, expenses, income and financial goals. Women should try to make plans that are not overly reliant on child and spousal support since these are unlikely to last indefinitely.

Why mediation should be avoided for abusive relationships

There are many reasons why a Georgia couple may wish to go through mediation when ending their marriage. Not only do they have more control over the final terms of their divorce, but it also gives them a chance to have a more satisfying ending. However, there are certain cases where mediation is not an appropriate option. For example, those coming out of abusive relationships should avoid it.

Mediation requires both parties to be able to work together and advocate for themselves. However, if the relationship was abusive or violent, it is likely that the victim may not be able to stand up for himself or herself. This could lead to the other party manipulating the negotiations so that the victim walks away with less than what is legally allowed. Going through litigation, on the other hand, allows an attorney to advocate for the victim.

How to handle the financial side of divorce

A divorce can have significant emotional and financial impacts on Georgia couples. The average cost of legal fees, mediation fees and court costs related to a divorce is $20,000. However, there are other long-term costs that a person may not think about after a marriage ends. For instance, parents may be required to pay child support until a child turns 18.

It may also be necessary for an individual to pay spousal support until that person reaches the age of retirement. Depending on how old a person is when he or she gets divorced, that could mean making payments for 30 years or more. Typically, the only way that the payments stop is if the person receiving the payments remarries. To keep long-term divorce costs down, it may be best to talk to an attorney before moving out or taking other steps to end a marriage.

Determining the value of a business in a divorce

Although Georgia divorces are already complex to begin with, they can become even more complicated if one spouse has a business. If the business was started after the parties were married or it grew significantly during the marriage, determining what value the business has is a crucial step in the property division phase.

To get as accurate a value of a business as possible, a skilled valuation professional is needed. After meeting with the analyst, the former couple will need to determine what type of service they would like. For example, they can ask for a calculation of value. While this service is generally cheaper than a full valuation, it may not be as accurate. However, a calculation of value may be more appropriate if the former couple is working together to come to an agreement or if the business is not as complex.

Take these steps to protect your business from divorce

At the time that you and your husband were building a family, you were also building a medical practice in Alpharetta. It was one of your proudest moments when you were finally able to strike out on your own. Unfortunately, while you were getting your practice off the ground, things took a turn in your marriage.

Now, you are facing divorce and you are worried about what will happen to your practice. Will it be able to survive? Will your husband take care of it? What are your options to shield it as much as possible?

Divorces most common after holidays and among young couples

People in Georgia who are considering divorce might be interested to know that most separations happen following vacations and holidays. This is why the summer and post-Christmas period are some of the most common times for couples to choose to end their marriages. The stresses of family get-togethers, travel and, believe it or not, time away from work can highlight incompatibilities or put further pressure on a difficult relationship.

In addition, younger marriages also point to a higher risk of divorce. Studies have shown that nearly 60 percent of women who marry younger than 18 will divorce within 15 years after marriage. People who marry multiple times are also more likely to divorce. While potentially 50 percent of first marriages end in divorce, that percentage increases to 67 percent of second marriages.

Divorce and what to do with the family home

Some people in Georgia who are getting a divorce might want to keep the family home. However, there are a number of factors that should be taken into account. People should consider their income, the value of the house, whether they can refinance the house and if they will be paying or receiving alimony, among other considerations. A person may want to meet with a mortgage specialist to discuss specifics.

It may be necessary to either refinance the home or apply for another mortgage in order to remove the other spouse from any financial obligations. However, this may come with complications. During a divorce, for various reasons, people may fall behind on their bills and their credit rating may drop. Lenders may have requirements that a person has been receiving a certain type of income for a period of a few months to a few years. This includes alimony, part-time income, commission-based income and bonuses.

3 areas that can be settled in a divorce

As Georgia residents know, the separation and divorce process can be full of uncertainties. However, divorce can provide solutions to certain issues. Custody, support and division of property are three main areas for which divorce can provide a solution.

If the couple has children, a custody agreement must be reached during the divorce process. The agreement can be negotiated by the parents outside of the court or it can be set by a judge if the case becomes a court battle. However, a judge has a limited view into a family's life, so while the judge's decision will be in compliance with the legislation, it might not be the best option for a family. Parents negotiating individually or through their lawyers might come up with an agreement that is a better fit for the family.

High-stress jobs can have an impact on a marriage

At some point during their marriage, Georgia couple may decide that a divorce is inevitable. In some cases, a spouse's career or job could become part of the problem, especially if the work is stressful and has a direct impact on the marriage itself. However, those working in certain career paths are more likely to get a divorce by the time they reach the age of 30.

A career website found that, according to census data, military service members had the highest rates of divorce by the age of 30. Within this career, first-line enlisted military supervisors had a divorce rate of 30 percent, the highest within this particular career path. Logisticians, mechanics and military-enlisted tactical operations and air weapons had the next highest rates of divorce by the age of 30.

Divorce myths that are false

Going through a divorce in Georgia can be a complicated process. However, when couples disclose that their marriage is ending, advice from friends and family may become overwhelming. It is important to note that, while this advice is usually well-meaning, it can be inapplicable to a person's case.

One of the most popular divorce myths is that a person does not need an attorney to figure out child support. While it is true that the child support guidelines are available to the public, the instructions and rules can be lengthy and difficult to understand. An attorney may also be able to more easily determine the former spouse's actual income, a component that is important to determining child support. Another related myth is that a former couple can save money by hiring one attorney. This would be a conflict of interest and against legal ethics, as an attorney can only represent one person during a divorce.

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At Hecht Family Law we understand that this is not only a very trying time for you, but that you want to get what you feel you deserve during the divorce process. We will always keep your end goal in mind.

Ready to rest easy tonight? Take a moment to contact Hecht Family Law. We offer free phone consultations, or you could send us an email to discuss your family law matter today.

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