When going through a divorce, many spouses begin to feel overwhelmed by the sheer number of decisions that must be made. It can be a stressful time, even with the promise of a new life on the horizon. For many in Georgia, the most important consideration is to approach the divorce process as just that, a process that has a distinct beginning, middle and end. By looking at the experience in this way, it can be easier to avoid common financial errors that can have lasting negative repercussions.
One mistake that is commonly made is to enter the process without a clear and comprehensive understanding of one’s current family financial scenario. The best course of action is to compile current information concerning all assets, debts and tax matters before filing, or shortly thereafter. A wide range of decisions will rely on this information, and in some cases a disgruntled spouse can make accessing this information difficult. Preparation can make a world of difference in the eventual outcome of the process, and the length of time it takes to get to that point.
Another factor involves planning for one’s financial future. Regardless of one’s position within the marriage, there will be financial changes once the divorce is final. In the case of spouses who will rely heavily on child or spousal support in the years following their divorce, it is imperative to make planning choices that accurately reflect one’s likely financial position. Tax experts and financial planners can help guide the decision-making process, and can help create a workable budget.
When entering into the Georgia divorce process, proper preparation can greatly influence the ultimate outcome. While the steps along the way can feel overwhelming, it is important to remember that the end result is a life structured by one’s own choices and desires. Building a solid financial foundation can help make that life easier to attain.
Source: Ellwood City News, “Financial Concerns During a Divorce,” Robert A. Powell, May 2, 2013