Georgia residents that are facing a divorce may be concerned about protecting their assets, in particular their retirement account. Specifically, for people going through a high net worth divorce, this can be a big topic. Georgia residents in this situation could find a recent article about protecting their retirement helpful.
One of the reasons this has become such a large issue is because people are divorcing later in life. Because of that, people have often saved more toward their retirement and potentially have more to lose. It was recommended a person first determine if they are looking for short term or long term security. A person that is looking to be financially secure short term may wish to pursue an upfront settlement while those looking more long term may prefer to split the assets.
When a person moves forward with a new financial plan, it can be important to determine the best way to invest and protect their money in order to become financially successful on their own. One of the first steps a person could benefit from is to get their health, life, and auto insurance in place. Life insurance in particular can be important following a divorce as the beneficiary may change. By updating the policy, a person can be sure their loved ones will be protected.
Anyone facing a divorce could benefit from researching all available options when dividing assets and negotiating a fair settlement. Having an understanding of Georgia divorce laws and local court procedures can certainly be helpful while navigating the divorce process. With the appropriate knowledge, a person can be confident their assets will be protected and that they can move forward with hope for a secure financial future.
Source: Forbes, Saving Your Retirement From A Divorce, Greg Brown, Oct. 21, 2013