How does a Divorce in Atlanta financially affect YOU? A huge question that we at Scarlet Oak Financial get all the time.
I myself have been through divorce and I do not wish this on ANYONE. Lucky for me I was living in Decatur, Georgia and had a great support system with family and friends. Besides a support system you need to have a good divorce plan. There are things that you both can do to help keep the lawyer bills low and more money in your pockets (and your spouse’s).
First of all, if protecting your assets means that you want to keep all of money, property, and possessions that you and your spouse currently possess, you are out of luck. Any assets acquired during marriage are considered marital property and must be divided according to Georgia state law:
If you live in a community property state (i.e., California, Texas, or one of eight other states), you and your spouse must split any marital assets equally.
In all other states, assets must be divided equitably (fairly) rather than equally.
Your best protection is to make sure that your interests are represented. Hire an experienced attorney who will help you negotiate a fair settlement.
Consider the following questions before your meeting:
- Do you earn enough money to adequately support yourself, or should alimony be considered?
- Which assets do you really want, and which are you willing to let your spouse keep?
- How do you feel about the family home?
- Will you have enough money to pay the outstanding debt on whatever assets you keep?
- If you have children, what are your wishes regarding custody, visitation, and child support?
- Whose health insurance plan should cover the children?
In addition to a Georgia attorney, you may want to seek counseling to help you clarify your wishes, express yourself more clearly, and deal with any child-related issues. Such counseling maybe covered by health insurance.
Other things to consider are putting a new budget together, gathering financial documents that pertain to the marriage and taking care of any other immediate needs. Do not make large purchases, quit your job or move out of your home without the advice of an attorney.
If you would like additional help in understanding what to get together for your attorney, we offer one-on-one 90-minute divorce consultations for $375. To set up a meeting in person in the Atlanta area please email firstname.lastname@example.org or phone 800-871-1219.
Advisory Services offered through Capital Asset Advisory Services, LLC., a Registered Investment Advisor.