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Financial tips for people going through divorce

Without the proper planning, Georgia residents who are going through divorce may never fully recover financially. However, there are some things they can do to lessen the impact the separation process will have on their financial future.

Getting legal advice from someone who is licensed to practice divorce law is necessary, even if there are no plans to have legal representation during the divorce. An attorney can advise individuals of their legal options and offer suggestions about strategy. For individuals who are unable to afford an attorney, there are multiple options for getting legal advice, including free clinics operated by law schools and local bar associations that can assist with locating free services.

Another important step divorcing spouses should do is pull their credit reports. The reports can be obtained for free annually, one each from the three big credit reporting agencies. An individual should closely examine each report to see if new accounts have been opened in their name and if there have been any changes in their credit accounts, which could be an indication that their identity has been stolen.

It is also necessary to document of the money that both spouses have. Detailed records should be kept for all individually and jointly owned financial accounts and assets. Notes should be made regarding balances, account numbers, authorized users, dates and contact details for all creditors and banks. There should also be records of real estate, jewelry, insurance policies, brokerage accounts, furniture and vehicles.

An attorney can protect the rights and interests of a client who is undergoing a high-asset divorce. Through negotiation, the lawyer could help facilitate an agreement regarding the complex division of valuable pensions, real estate, businesses, offshore accounts, 401(k) accounts, vehicles and other high-value assets.

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Hecht Family Law
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Alpharetta, GA 30004

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