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How to divide debts in a divorce

Georgia has one of the highest individual debt rates in the country. The median credit card debt in the state is $2,786, and that does not even include the debt people hold from medical bills and student loans. 

As a result, when people divorce in Georgia, they not only have to figure out how to divide the house and other assets, they also have to determine who will need to continue paying each debt. Before diving headfirst into divorce, you want to take stock of your finances so you can go into this discussion prepared. 

4 post-divorce budgeting tips for securing your financial future

Many aspects of life often change after a divorce. In the months after your marriage ends, though, you are apt to face a different financial outlook. While you may have more financial resources than you did during your marriage, you may also have significantly less. Either way, establishing a budget and sticking to it may become increasingly important. 

To create a budget, you must know how much you make and how much you spend. The first part of the equation is probably easier to determine, as you may only have one source of income. Calculating the second, though, may require averaging monthly bills. Still, with a realistic picture of your income and expenses, you can plan to spend less than you earn. Here are four other post-divorce budgeting tips that may help you secure your financial future. 

A postnuptial agreement may save your marriage

When you walked down the aisle, you probably thought you would be with your spouse forever. Unfortunately, life has a way of interfering with anyone’s best intentions. If you are contemplating divorce but are not yet ready to leave your spouse, a postnuptial agreement may save your marriage. 

Virtually everyone knows something about prenuptial agreements. These marital contracts, executed before the marriage begins, outline rights and responsibilities of both spouses. They also address what happens to certain assets if divorce should occur. Postnuptial agreements are similar, but spouses execute them after the marriage takes place. 

Reassessing financial priorities after a divorce

Getting a divorce is one of the most financially-tumultuous events a person can go through. After determining everything with your former spouse, it is paramount to turn your focus toward the future. There are several steps to accomplish this, as outlined by U.S. News

You will undoubtedly lose something in the divorce. It may be an important asset, such as a car. You and your spouse may also need to sell the house to divide the funds, if necessary. When this happens, you need to regain your financial footing. Here are some steps to take to reassess your financial priorities after a divorce, so you can start rebuilding. 

How to divide stocks in a divorce

If you live in Georgia, then you already have a higher chance of divorce. In a recent study, Georgia, along with Kentucky and Alabama, ranked among the highest divorce rates in the country

In a divorce, both spouses' legal teams will look at shared assets to determine an equitable division. While most couples focus on material objects, such as houses and cars, it is also paramount to look at other monetary possessions, including stocks. Investments are a great way to build a portfolio, and it can help you develop a nest egg for retirement. You may wonder what will happen to any stocks you own, and all legal parties will consider various factors to reach a consensus. 

How do I know if my prenup is enforceable?

Entering into a prenuptial agreement can be an effective way to protect and manage finances in the event of a divorce. The document can lay out what happens with property division, debts and alimony payments. But your prenuptial agreement must adhere to Georga laws for it to hold up in court.

If you do not have a valid marital contract, all your work may be for nothing. Here is a general overview of how to create an enforceable prenuptial agreement in Georgia.

Recognizing signs of parental alienation

As someone making your way through a Georgia divorce, you may understand all too well just how much the situation between you and your one-time partner can change. Maybe you simply grew apart, or maybe one of you stepped out on your marriage, but if the relationship between you has gotten particularly ugly and the two of you share a child, you may start seeing signs of parental alienation.

Parental alienation occurs when one parent fosters and encourages a child’s rejection of the other parent, and regrettably, this is not at all uncommon in divorce. While parental alienation has the capacity to sour the relationship between you and your child, it can also have other substantial and negative effects when it comes to your child’s emotional and overall well-being. In fact, in some especially severe cases, parental alienation can even constitute abuse, and it can prove extremely isolating for the child. So, how may parental alienation manifest, and how do you know if your child’s other parent is attempting to turn him or her against you? The following are potential signs of parental alienation:

6 times prenuptial agreements make sense

Pop culture, romantic comedies and love songs tell anyone who will listen that relationships are all about love, warm feelings, flowers and sunsets. While there is nothing wrong with falling head-over-heels in love with for your future spouse, you probably want to protect your assets. Unfortunately, prenuptial agreements are often the third rail of romantic relationships. 

While it can be difficult to discuss a prenuptial agreement with your love interest, drafting one may be the best way to ensure your financial viability as an individual and as a couple. While there are a few reasons to have a prenuptial agreement, you may be on the fence about creating one of your own. Here are six times these agreements make sense: 

4 reasons to hire a certified divorce financial analyst

Marriage is often an effective way to achieve financial freedom. If you are going through a divorce, you may worry about providing for your basic needs. You may also fear losing things for which you worked hard. Either way, you want to divide your marital assets in a way that makes sense. 

As you probably know, financial matters are some of the stickiest parts of many divorces. To keep your sanity, you must have a strategy for dealing with money during and after your divorce. Fortunately, you do not have to figure everything out on your own. Here are four reasons you may want to hire a certified divorce financial analyst to help you dissolve your marriage: 

Equitable distribution does not guarantee 50/50 split

Divorce can cause tempers to flare and anxiety to set in. After years of working and saving for retirement, you worry that the split will leave you with little foundation.

Georgia is an equitable distribution divorce state, but it does not guarantee that everything from the marriage splits evenly. When considering divorce, especially with more substantial assets, it is a good idea to understand what equitable distribution may mean for your situation.

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