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Financial planning essential for divorcing couples

When Georgia couples find themselves under financial stress, they may think divorce is the solution to their money battles. This is not necessarily so, and without proper financial planning, spouses may find their financial situation is actually worse.

In the case of housing expenses, one set of living expenses is cheaper than expenses for two households. Proper planning before the divorce is finalized can lessen the financial strain on newly single spouses. First, they need to know what all the financial expenses were when they were a couple. Eliminating the expenses paid by the other spouse will provide an idea of what will be needed after the marriage ends. If alimony is involved, one spouse needs to budget for this payment, while the receiving spouse needs to know they may have to pay taxes on spousal support payments and to plan ahead for when alimony ends.

Spouses who have been out of the workforce for awhile may want to prepare for going back to work to support their new lifestyle. During the divorce process, they may want to consider going back to school to update and upgrade their skills. The family home also may need to be sold to cover living expenses, and spouses may need to make arrangements for new health insurance.

The end of a marriage can be difficult for the parties and any children they might have. Soon-to-be-single spouses need to plan ahead when it comes to finances because it may be too late after the divorce decree is signed. The assistance of a family law attorney can be valuable in negotiating a settlement agreement that provides for adequate financial support for the client.

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