Cobb County Divorce Law Blog

When you divorce your current partner, you are undoubtedly going to have to work through certain matters, including figuring out what you plan to do with your assets and debts. While your divorce is ongoing, you may, too, want to account for future variables. One potentially important variable involves how you plan to pay for your child’s higher education.

Some states have rules dictating that divorcing parents must discuss how they plan to navigate paying for college as part of their divorce proceedings, but Georgia is not among those states. However, it may serve your entire family well to discuss and determine what you plan to do as far as paying for college to prevent unnecessary discord down the line. In doing so, keep the following considerations in mind.

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. 

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. 

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.