The Law Offices of Abbott & Abbott, P.C.



The Law Offices of Abbott & Abbott, P.C.



Some financial aspects to look out for during a divorce

| Jan 19, 2016 | Divorce, Firm News |

Georgia residents who are contemplating a divorce may be interested to learn more about how some problems can be prevented. The end of a marriage can indeed be a complicated affair, but an understanding of some of the most commonly made mistakes can go a long way toward mitigating whatever damage might arise.

Though divorce can be an emotional experience for all involved, emotions can also distract the attention from what’s truly important. As such, one of the best means to avoid incurring damage from poor decisions is to see whether divorce mediation is advisable. This can also assist a divorcing couple in dividing their property in a satisfactory manner after each has delivered a complete accounting of their assets.

Taxes and joint financial accounts also play important roles in divorce. A couple that mixes its finances to a large degree can find it difficult to extricate them in the event of a divorce, and situations may arise where one spouse finds him or herself liable for the debts or tax obligations of the other. In order to avoid such circumstances, it may be best to separate these accounts before the divorce begins. In addition, deeds and titles should be updated in the process to clarify what the lines of ownership are.

In these cases, someone who is in the process of separating from their spouse may be advised to discuss their situation with a lawyer. Having representation from a lawyer can help someone to conduct their negotiations from a more knowledgeable position and ease their transition away from marital life as much as possible. This can also make it easier to complete the process in an amicable fashion to further facilitate future cooperation.


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