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Attorneys Vic Hill and Brad MacDonald

Facing financial fears in a Georgia divorce

Going through a divorce, whether in Georgia or any other state, can be a very scary time for both spouses. A recent report has focused on three financial fears most people going through a divorce usually have. Along with naming those fears, the report gives some suggestions on how to reduce them.

The report gave identities to each spouse within the marriage. The “out” spouse is the partner who has not dealt with any of the financial experiences during the marriage. This would range anywhere from paying the monthly bills to consulting with the family’s legal representation. The “in” spouse not only has the knowledge of all financial activities of the partnership, he or she does not usually have the fiscal fear the “out” spouse may experience.

The first fear for the “out” spouse is the possibility of not receiving his or her fair share. A forensic accountant may be needed to make sure the “in” spouse has not hidden any assets and also to find a reasonable value of all assets to be equally divided. The next fear is of not knowing what the “out” spouse will have after the divorce and in what form it will be. Retaining a financial adviser will help ensure that each spouse gets an equal share of liquid and not so liquid assets.

There is also the fear of not knowing how one’s way of life might change. This is where another use for the financial adviser comes in handy. The adviser will be able to set a budget based on the financial state after the divorce.

No matter what the financial state of the marriage before the divorce, the fear of having enough to live in an accustomed way is usually there for the “out” spouse. For a Georgia resident undergoing the financial pressures of divorce, there can be many hurdles. Finding experienced representation can help alleviate some of those fears and find the best outcome possible for the situation.

Source: Chicago Tribune, Going through a divorce? 3 Common fears and how to eliminate them, Robert Pagliarini, Sept. 4, 2013