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Financial steps to take in a divorce

Georgia couples who are getting a divorce might wonder what financial steps should be taken to prepare for it. People should not make any major financial changes or decisions during the process. This includes not changing beneficiary designations or wills. Bank accounts should not be used in ways that are significantly different. If a couple shares a joint account, they might be able to reach an agreement about how they will manage the money including paying for the divorce.

However, people should be prepared for the possibility that a spouse may be resistant to cooperating and sharing financial information. This could require legal action to get the information released.

People should be wary about advice from others because divorce laws differ between states. Furthermore, every divorce is different. Attorneys and financial advisers are generally in a better position than friends to offer useful advice. People should track expenses to get a sense of how they might divide assets and debts, and professionals might be able to advise regarding this as well. Bank statements, tax returns, information about investments and debts and other documents may help in conversations with professionals about property division.

Getting finances is order may also be a good idea because divorce may be an emotional time, and people might not always show the best judgment. An attorney may be able to assist a person in making decisions that are sound, and this could be important since divorce may lead to financial instability. For example, a person who is in a hurry to get the divorce over with might not resist the other spouse taking an unfair share of assets, or one who is angry about the divorce might obstruct proceedings even though it is not in his or her best interests.

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Hecht Family Law
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Alpharetta, GA 30004

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