In most divorce cases, whether in Georgia or any other state, there are usually many factors to consider. One of the most daunting factors is that of protecting the assets of one or both parties, especially if those assets are of a considerable amount. There are steps that can be taken before or during a marriage that would ensure asset protection should a divorce be imminent.
The first is to know your spouse’s finances before entering into marriage. Although many partners may be tempted to keep financial secrets from each other, it is best to disclose even the worst of financial circumstances before marriage. The next step would be to consider keeping credit separate, including credit cards and bank accounts. Keep in mind that any assets obtained during the marriage may be considered joint property, even if they are kept under the name of just one of the spouses. Keeping a record of spending of both parties is always a good practice.
Any property bought together should be in the names of both parties, so each party will be guaranteed at least part of the property in the event of a divorce. Also, it is best to keep records of all important financial documents. A prenuptial agreement is another consideration, especially if one party is bringing a lot of wealth to the marriage. Some people feel having a ‘prenup’ is setting up the marriage to fail before it even begins but others believe it is a smart financial move. Being prepared to change your will and the beneficiary of your life insurance policies is yet another step in protecting your assets.
For further protection, it is always a good idea to become familiar with the divorce laws in the state. The state of Georgia may have specific requirements that other states may not enforce. Divorce is not something anyone enters into marriage thinking about but there are times when there is no other alternative. It is best to be prepared for any circumstance and help is available.
Source: GoBankingRates.com, “How to Protect Your Assets in a Divorce Like Kim K,” Stacey Bumpus, May 05, 2013