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Financial preparation can ease divorce process

When Georgia couples are considering a divorce, there are a number of things that may need to be taken care of. Especially after a long-time marriage, the thought of disentangling from one another can raise a host of practical concerns aside from the emotional impact of the end of a marriage. There are some financial housekeeping measures that spouses can take that can help them be prepared to take their next steps towards independence.

One of the first steps is assembling all relevant financial documents, including tax returns, bank account statements, life insurance policies and retirement fund documents. This is especially important in a high asset divorce. Having these documents on hand can prevent an unpleasant or inconvenient search for them later. Another important step for people is to perform an individual credit check on themselves. Moving forward, they will need to rely on their own credit to obtain loans, buy a house or make other major purchases. By requesting a credit report, a person can identify and address errors before they become a problem later.

At the same time, opening personal checking and savings accounts can also be an important step towards financial independence. This is not a means to hide assets from one's spouse, but simply a way to prepare for a single future. Opening credit cards in one's own name can also help a divorcing spouse to be prepared for the closure of joint credit accounts.

There are other key financial issues to keep in mind when preparing for divorce, including the changes that will come to tax status after the divorce is finalized. A family law attorney can provide advice on the financial aspects of divorce and advocate strongly for a client's rights during asset division.

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Hecht Family Law
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