There are many choices that come before a couple when they get married. One is whether to merge their finances together or keep parts of their finances separate.
Divorcing couples in Georgia may discover that the separation process can have a significant financial impact. Ex-wives are especially affected, with one 2008 study showing that the average income of divorced women sinks by more than 20 percent while the income of divorced men actually increases by almost 33 percent. However, there are ways for female divorcees to prepare for retirement.
Georgia couples who get a divorce should know that the different types of retirement accounts that they will have to divide each come with their own rules regarding how they should be divided. If the wrong procedure is used, divorcees may be saddled with very high taxes and penalties. The account holders may also unintentionally give their ex-spouses a larger portion of the retirement funds than to which they may be entitled.
The marital settlement agreement, also known as a divorce settlement, formally establishes how a couple in Georgia will divide marital assets. If children are present, then it will describe the custody and support details. Alimony might also be a factor in dissolving marriages that involve spouses with substantially different incomes. Whether the ex-spouses come to terms privately or a judge imposes the terms, the settlement becomes a legally binding court order.
When Georgia couples decide to separate or end a marriage, making decisions related to living arrangements is one of the first bridges to be crossed. Unfortunately, the timing often coincides with the most turbulent emotional period in the divorce process. Each party must balance individual wants and needs with logistical and financial realities in order to find the right solution.
When Georgia couples decide to end their marriage, it can be difficult to decide how marital assets will be divided. However, for those who become lucky with their startups, going through the divorce process can be even more difficult due to the amount of money and business assets that may be at stake.
While there are many reasons one might wish to keep a home following a divorce, it may make sense in many cases to sell the home instead. Here is what Georgia residents need to know when evaluating what to do with a marital house.
Georgia couples that are divorcing will also be negotiating over what share of the assets each person should get. Part of this negotiation might include the decision to sell the family home. In order to get the most for their home, divorcing couples should work together to get it ready for sale and through the selling process.
Homeowners in Georgia who have gone through a divorce should carefully consider how they handle their mortgage. In many cases, refinancing a mortgage once held by both ex-spouses may be the best decision.
As part of a divorce settlement, a person may be ordered to pay some or all marital debts. This may mean that a Georgia resident is required to make car loan payments even if his or her name isn't on the account. However, if a person's name is not on the account, there is no need to make payments absent a court order.