Divorce can have a major effect on the financial well-being of people in Georgia even years down the line. It can take some time to recover from the property division process, including rebuilding retirement accounts and adjusting to the budget of a single person. However, some people are more likely to be negatively affected by a divorce, and planning in advance can help to avert these negative consequences. The people most likely to struggle with finances five years after a divorce were those who were not involved in daily financial planning and decision-making during their marriages.
Georgia residents and others who are going through a divorce may anticipate the emotional toll that it can take on them. However, they may not necessarily anticipate the financial consequences that ending a marriage can bring. Therefore, it may be a good idea to work with a divorce financial planner. Doing so can be especially helpful for those who lack a solid understanding of their personal or household finances.
Cryptocurrencies may be concerning to family law attorneys in Georgia who are helping their clients go through a divorce some are not familiar with what cryptocurrencies are or how they work. A few years ago, there would have been very little reason for family law attorneys to be concerned that cryptocurrencies would become a factor in the divorces that they handle.
Couples in Georgia who are getting divorced might have to face one more thing to complicate divorce negotiations. The use of bitcoin, which has fluctuated in value over the years, is now also cropping up in divorce cases with one spouse accusing the other of trying to hide assets with their bitcoin or couples fighting over the division of bitcoin.
A prenuptial agreement can be important in preserving family wealth for Georgia residents. However, it is important for parents to introduce their children to the concept early. In this way, it becomes a normal expectation. One way to think about prenuptial agreements when a lot of family wealth is involved is as a kind of legacy. Preserving this wealth means that people are able to pass family assets on to their own children.
Divorce can be difficult no matter the specifics of a given case. However, for those who own businesses in Georgia and elsewhere, the end of a marriage can be especially complicated. First, it will be necessary to determine how much the business is actually worth. This can be done by having an appraiser or other valuation experts take a hard look at the company's financial records.
The divorce rate is higher for older adults than it was in the 1990s, and when older couples in Georgia get a divorce, one spouse might not be familiar with the marital finances. In a survey by UBS Global Wealth Management of 2,500 couples and over 600 women who were divorced or widowed with at least $250,000 for investing, more than half of the women said financial planning and major investment decisions were made by their spouse.
When Georgia couples are considering a divorce, there are a number of things that may need to be taken care of. Especially after a long-time marriage, the thought of disentangling from one another can raise a host of practical concerns aside from the emotional impact of the end of a marriage. There are some financial housekeeping measures that spouses can take that can help them be prepared to take their next steps towards independence.
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.
Georgia couples going through divorce should be sure to address the division of their retirement accounts in a careful manner. Certain types of retirement accounts, such as 401(k)s, are subject to different rules than other types of pensions. Taking the wrong step when dividing such assets can result in high penalties, a large tax bill and problems regarding fund allocation.