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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.

An attorney may work with a financial adviser to help an individual handle the financial issues related to dissolving a marriage. For instance, an adviser may tell a client to gather all necessary financial documents or to look into getting a life insurance policy. Advisers may also keep a person from making large purchases or other spending decisions that could complicate a divorce.

Those who have a high net worth or who have business assets may benefit from talking with a divorce attorney. It may be possible to create an asset division plan that allows a person to retain ownership in a company or otherwise maintain a reasonable standard of living. Legal counsel may be helpful in reviewing any agreements that a person reaches in private or through mediation before they are signed.

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