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How divorce can affect retirees

Given that approximately 1 out of every 10 people living in Georgia has experienced a divorce at some point in their lives, locals are no strangers to how deleterious the dissolution of a marriage can be, especially to their finances. In fact, people who have been divorced have a higher chance of running out of assets come retirement and have a lower net financial wealth when compared to those who have never filed for divorce.

Interestingly, the only group of people who seem immune to the financially detrimental effect of divorce is single women. In fact, single women who were previously married have been found to be in a comparable financial situation to people who have never been married in the first place. The main reason for this is real estate. To be more precise, the fact that divorce gives women the house means that they can cash in on this home equity when it's time for retirement.

Judge sets summer custody schedule for Pitt, Jolie's children

Some Georgia fans of actors Angelina Jolie or Brad Pitt may be aware that the two have been involved in a custody battle. Although Jolie has primary custody, a judge has said that she is in danger of losing that.

Pitt has been cleared of 2016 child abuse charges, and the judge says Jolie must have a phone call with the children and their doctors to reassure them that, according to the court, they are safe with him. Jolie is required to allow Pitt to phone the children whenever he wants and is not permitted to read texts to them from him.

Georgia changes tax deductions for alimony

Georgia laws are changing tax deductions for divorcees, and the new rules are taking impact starting at the end of this year.

Under previous tax law, Georgia deducted divorce alimony payments by the payer spouse and counted it as income to the recipient spouse. Recently, congress passed a new law which eliminates a tax deduction for alimony payments beginning in 2019.

Restrictions during a divorce

Once the divorce process has begun, Georgia residents should check with their attorneys before taking certain financial and parental actions. Many restrictions and rules are set in place during a divorce, and violating these boundaries can result in legal trouble.

Neither party is allowed to dispose of or transfer financial assets, not even to apply them to legal costs, without a legal order or the consent of the other spouse. Divorcing individuals are also prohibited from using credit cards to make excessive purchases, selling the home or vehicle or attempting to remove their soon-to-be ex's name from the financial accounts. Both parties can use the financial assets to pay for any necessities, such as food, fuel for their vehicles or purchasing school clothing for their children. If someone makes unnecessary purchases or moves money in a manner that seems suspect, that party may be required to reimburse his or her spouse for the spent funds.

Making child support payments after losing a job

Parents in Georgia who owe child support may find it difficult to make payments if they suddenly lose employment. However, they should know that the obligation to make payments does not end in times of joblessness.

A payer who is recently unemployed should contact the appropriate agency in their state to see if they qualify for unemployment benefits. If they are eligible to collect benefits, they should make sure that the unemployment office is aware that there is an existing child support. The payments can then be deducted from unemployment wages.

Can my career be used against me in divorce?

You've spent years in your career, putting in long hours and making sacrifices to provide for your children and supporting the family's lifestyle. But what happens when one parent is the nurturer and the other has worked long hours away from home? If your marriage is falling apart, or you are separated from your spouse, can that be used against you to get custody of the kids?

The short answer is, yes.

Tips for making the divorce process less difficult

There are certain steps people in Georgia can take to make the process less difficult. People should think about their priorities and the difference in what they want and need as well as what they are willing to let go. This will help them in the decision-making processes ahead.

People should keep in mind that while the marriage may have been a ceremony that was about feelings, it was also a legal process. The legal relationship must now be dissolved. It is important to try to keep emotions in check when working out legal issues. Getting financial information in order, including ordering and reviewing a credit report, can help people prepare for this part of the divorce.

What happens to your retirement accounts during divorce?

Divorce can be one of the most stressful events in a person's life. As you and your spouse split, you must determine child custody schedules, child and spousal support payments, where you will live and how your assets and debts will be divided.

Many Georgia couples wonder what will happen to their retirement accounts. For years, you may have been saving for retirement together. Now that your marriage is ending, will you or your spouse be able to keep the retirement funds? Will they all go to the working spouse? How can you ensure a secure financial future?

Parents aren't living lavishly off child support

A report called Custodial Mothers and Fathers and Their Child Support looked to find out how much child support parents are owed and how much they actually receive. It also determined how many parents have child support arrangements in Georgia and throughout the nation. The 2016 report found that there were 13.4 million single custodial parents in the United States. The average support owed to custodial parents was $5,774 annually.

However, those parents only received an average of $3,950, which was 68.5 percent of what they were owed. This is about $329 per month that parents use to provide basic necessities such as clothing, food and healthcare for their children. In 2013, noncustodial parents owed a total of $32.9 billion in child support. While many parents had a formal court order in place, 10.2 percent had informal arrangements that they came up with on their own.

Handling college expenses during a divorce

Georgia parents may be determined to end their marriage, but they may also want to protect their children from negative repercussions as a result. A divorce can have a significan impact on family finances, but parents may want to examine how college tuition bills can be handled for their children. Dealing with tuition and fees can be challenging for any parent, especially with the costs of a university education continuing to rise. However, financial planning can help parents to plan how their children's educational expenses will be covered after a divorce.

Two-thirds of married couples do not have a plan for how they will handle finances in the case of a divorce , even though around 40 percent of marriages in the United States end in divorce. College costs have been rising consistently at around 3 percent per year, so educational planning can be a major part of any financial plan. On average, tuition, room and board and fees cost $46,950 each year at a private university, while those costs are around $20,700 at a public four-year university.

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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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