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Becoming financially secure after divorce

Unfortunately, many divorces are financially devastating. A person may lose as much as half of his or her assets and investments to a spouse, and the higher-earning partner may end up with child support or alimony expenses. Both individuals will be saddled with legal fees that can be extremely high if the divorce is litigated. The good news for Georgia residents is that it is possible to recover financially from divorce with the right plan and mindset to avoid costly mistakes.

An faster divorce recovery begins with saving costs on the divorce itself. Both partners can save a tremendous amount of time, energy and money ensuring that asset division goes smoothly. This means taking inventory of assets and accounts and reaching an agreement on how to divide them as quickly and amicably as possible. The court often gives great leeway to partners who can reach their own agreement. Once asset division is agreed upon, it's crucial that each person has a full understanding of what he or she is getting and what it means to control that asset. When former spouses work fully and openly with one another, it helps ensure that their assets do not lose value or sustain penalties.

It is also important that accounts are set up correctly after asset division takes place and that each person understands what he or she controls and how. People should keep in mind that some types of accounts, such as debts that have both of their names on them, will keep both individuals liable regardless of how the debt is divided unless one of their names is removed.

A divorce attorney can help ensure that a divorce proceeds smoothly, paving the way for financial recovery. Consulting with a lawyer about assets is important. An attorney may help a client understand how ownership or control of certain assets will work and assist him or her in planning for his or her future recovery.

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Hecht Family Law
12600 Deerfield Pkwy
Suite 125
Alpharetta, GA 30004

Phone: 678-926-9234
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