The months leading up to a divorce can be a challenging time, filled with items that demand attention and a feeling of charting new waters. For many in Georgia, making financial decisions can feel overwhelming in the midst of so many other changes, some of them deeply personal. However, money matters should rank at the top of any divorce to-do list. In many cases, a spouse is aware that they will receive a sizable sum at the end of their marriage. Determining how best to utilize this money is important, as the decisions made now can have lifelong consequences. Some spouses simply assume that the best use of money received from divorce is to pay down or eliminate their mortgage.
Filing for divorce can be a very emotional decision for many spouses to make. While it is not an easy decision to make, many people wonder if it matters who files for divorce first.
Many couples going through divorce worry about the financial impact it will have on their lives. Despite the challenges of addressing the financial concerns after divorce, it is important for couples to understand how their finances may change and what steps to take to create a secure financial future.
Divorces can be tricky, especially when tax season comes around.
If you have been thinking about filing for divorce from your spouse, you may have decided to hold off on your divorce until after the holiday season. This is a highly common approach among couples in Atlanta and across the country, especially if they have children for whom they want to preserve the happy memories of the holidays. For others, the holiday season is just too busy on its own without adding on the often-monumental task of divorce.
Earlier this week, we wrote a blog post about so-called "gray divorce," which refers to the increasingly-common phenomenon of divorce after the age of 50.
Earlier this year, we wrote a Georgia family law blog post about the increasingly-common trend that is referred to in the media as "gray divorce." In that earlier post, we reported that, although the divorce rate has generally stabilized over the past 20 years, the rate for people over the age of 50 has actually doubled during that time period.
When you are going through a divorce, adjusting to your new financial reality can be one of the most difficult aspects of your split. Regardless of the circumstances and of each spouse's respective income and expenses, it will be difficult, if not impossible, to maintain the same lifestyle while paying for two households, court fees, and other costs associated with a divorce. Often, parties to a divorce need help to make good financial decisions during and after the split.
A recent article in Forbes imparted a bit of advice to couples soon to be married: before you get married, get your finances in order and plan for potential pitfalls in the event of divorce.