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Planning for single finances during a divorce

People in Georgia who divorce face a major impact on their finances. Finances are often the most contentious issues in a divorce. Because many married couples have a deeply intertwined financial life, separating all of their debts and assets can be complex. In addition, it is not uncommon for people to feel as if they are being stripped of hard-earned money and property.

In order to prepare for a single financial future after the divorce, it can be important to take some steps to set oneself on the road to financial independence. Of course, the first step is understanding the breadth of the marital property. Reviewing account documents, bank statements, real estate deeds and retirement fund information can be particularly critical in developing a clear picture of the assets at stake. This information can be of particularly high value to one's attorney when entering into settlement negotiations.

Planning for financial independence can also involve small, yet important steps. Opening a personal bank account instead of relying on a joint account can be a move toward financial autonomy. Of course, this is not a way to hide funds, but a way to prepare for a future separation of income and outflow. In addition, closing joint credit accounts can be important for protecting one's financial future; no one should be allowed to run up marital debts as divorce proceedings move forward.

People who are going through a divorce may find the financial aspects of separation particularly overwhelming, especially in a complex, high-asset divorce. A family law attorney may be able to provide thorough advice and strong representation throughout the divorce process to help their client protect their assets and interests and secure a fair settlement.

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Hecht Family Law
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Alpharetta, GA 30004

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