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Rebuilding Financially After Divorce

Dealing with a divorce can be challenging, especially when finances are involved. Many couples realize that separation is inevitable and are prepared emotionally, yet aren't quite ready to handle the financial aspect of separation.

Reuters recently ran an article called YOUR MONEY: How to rebuild when divorce derails your retirement. It's important to note that after a divorce in Georgia, some couples find it challenging to be able to plan for retirement. This is because a divorce settlement may include part of a couple's retirement funds, which can drastically impact their ability to plan for retirement.

One of the biggest challenges that comes with the end of a marriage is determining how finances will be divided. For couples who have to pay child support or spousal support, divorce legal issues can be incredibly difficult to deal with. For example, if a couple splits a retirement investment account, rebuilding this can take an incredible amount of time. This is because many investment accounts have a maximum amount that can be invested each year. If a spouse separates and each party receives $20,000, for example, they won't be able to simply invest that much back into their accounts. Instead, they will need to abide by the yearly investment limit, which depends on the type of account they are utilizing.

A divorce attorney may provide guidance when it comes to repairing financial investments and re-establishing personal finances. No two marriages are alike, which means that no two divorces are alike. Managing a divorce can be tricky and time-consuming, but the right attorney may be able to help find ways to help a client recover financially.

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Hecht Family Law
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Alpharetta, GA 30004

Phone: 678-926-9234
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