When couples in Georgia divorce, strong emotions and lifestyle upheaval can result in some important legal tasks being overlooked. While divorce settlements typically address every area of a couple's shared life, including finances, loose ends can sometimes complicate the lives of former spouses and family members long after a divorce is finalized.
This can particularly be true in high-asset divorces in which a person holds life insurance and has multiple retirement plans and several financial accounts. Occasionally, a divorce decree will address the handling of insurance policies or retirement funds, but the owner of these accounts or policies fails to follow up by changing his or her beneficiaries. This can result in a lot of confusion and ill will.
In fact, confusion over life insurance can result in the parties involved having to go to court. In some cases, a significant percentage of the funds at stake end up being spent on lawyer fees and court costs.
When couples divorce, it is important that they follow up on the stipulations of the divorce settlement. This means going over financial documents and accounts and making changes as necessary. In fact, everyone should make a habit of reviewing his or her finances, including wills, every few years or when there has been a major life change, such as a marriage, divorce, death or birth of a child.
Individuals who are getting divorced and wish to protect their assets may benefit from consulting with an experienced family law attorney. A lawyer may be able to review his or her client's case and make recommendations regarding asset division and strategize ways to protect the a divorcing individual's financial future.