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Don't overlook finances during divorce

Georgia residents know that divorce is almost always a difficult and emotional time. Many important issues must be dealt with, including new living arrangements, custody agreements if there are children involved and feelings of uncertainty about the future. With all the turmoil, it can be easy to overlook something like finances. However, careful financial planning is an essential part of building a new life after divorce.

Many financial arrangements can be handled through a divorce settlement agreement. While some couples are able to amicably divide their marital property on their own, many spouses find it helpful to consult with an attorney when dividing assets. After receiving an overview of the financial picture, including all assets and debts, an attorney could help negotiate alimony and child support payments that are best under the circumstances. Legal counsel could also make recommendations on how to divide real estate and investments.

There are other financial areas that also need to be addressed. For instance, if both spouses owned a business together, there may be complicated tax issues to consider. Tax questions may also arise from the distribution of retirement funds or other investment accounts. A financial or tax adviser may be needed to mitigate large tax bills. Changes to insurance policies may also be required, including new beneficiary designations or the purchase of new insurance policies.

It is possible to become overwhelmed during the divorce process, which may cause important details to be missed. Georgia residents who are facing the end of a marriage may find it beneficial to speak with an attorney. Legal counsel could work to ensure all critical financial arrangements are made and all other issues are addressed.

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