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Negotiating a divorce settlement

Georgia couples who are facing the end of their marriages might want to negotiate a settlement agreement rather than having a judge make the decisions. For some, the process can be more amicable than for others, but in all cases, walking into negotiation sessions prepared is the key to successfully completing the process without it dragging on and having costs mount up.

Divorce in the new year

For some Georgia residents, the new year means taking steps toward divorce. They are not alone; making the decision to divorce after the holidays seems to be common. Experts believe that divorce filings might increase during this time because something going wrong with the holidays might be the last straw for an already failing relationship.

The financial impact of a divorce

While filing for divorce may not have an impact on a Georgia resident's credit score, actions taken after the divorce could. For instance, it may be necessary to refinance a home as part of a divorce settlement. This may require a hard credit check, which could be enough to reduce a person's score. It is possible that living on one income makes it harder to keep up with debt obligations.

Retirement and divorce can go hand in hand

A growing topic of concern for people over 50 in Georgia and across the United States is divorce, especially close to and after retirement. As older people lead longer lives in greater health, the divorce rate for couples over 50 years of age has grown significantly even while the overall divorce rate for Americans has declined. During the last 20 years, the rate of divorce for couples in this age range has grown continually and is now over 50 percent. With the approach of retirement and an "empty nest" as children leave the family home, one in every four couples divorces after the age of 50.

Asset division can be complicated for entrepreneurs

Business owners going through a divorce in Georgia face particular challenges, both logistically and emotionally. At the end of a marriage, entrepreneurs may find that dividing a family or personal business owned by one or both partners to be incredibly challenging. A company can be subject to inclusion in the division of assets during a divorce, and many entrepreneurs have an emotional as well as a financial connection to their businesses. This is even the case when there are other assets of significant value at stake in the divorce such as real estate, investments and retirement funds.

How tax cuts could impact alimony

If the Tax Cuts and Jobs Act is passed in its current form, Georgia residents and others who make alimony payments may lose a tax deduction. By eliminating that tax break, it may mean more money going to the government and less money going to individuals. Assuming that the alimony deduction is repealed, it would likely have the biggest impact on divorce agreements involving alimony payments entered into after 2017.

There are many common factors that push couples toward divorce

While every situation is different, there are a few common reasons that lead many Georgia couples to divorce. According to the Centers for Disease Control and Prevention, more than one-fifth of couples will have a disruption in their first five years of marriage. This could mean a separation, divorce or widowhood. Over the course of 20 years of marriage, 53 percent of marriages face disruption.

Social factors can influence likelihood of divorce

Georgia couples with busy lives and demanding jobs often feel like they have a significant amount of pressure on their marriage, from the need to stay late at the office, go on frequent business trips or bring their work home at night. However, there are a number of risk factors for divorce that stand out even amid the pressures of a successful career. Keeping them in mind can help couples take small actions to improve their partnership.

Divorce may be unavoidable in some cases

Divorce is not an easy process. It often causes heavy stresses and it can be expensive, in terms of emotion as well as finances. Many Georgia individuals and couples delay the process as long as possible in efforts to avoid these negative effects, but there are certain situations where the only course is to end the marriage. These include circumstances of addiction, abuse or severely poor parenting. Paradoxically, many individuals in such circumstances struggle to recognize them.

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