Georgia residents facing a divorce may be concerned about the cost involved. For some, divorce can be an expensive process and they could potentially lose a lot because of the lack of a prenuptial agreement or not understanding the best way to handle the process. A recent article could be helpful to those trying to cut down on cost as well as protect themselves in the process.
One thing pointed out is that couples need to make sure they accurately report all income. Some spouses have been known to hide investments or other monetary sums to keep their soon-to-be-ex from having access to them, but this could be costly in the end. If a judge discovers a person has not disclosed all income or assets, there could be repercussions beyond simply having to pay the ex more. Fines and penalties could come into play.
Eliminating joint credit cards as quickly as possible could also prove to be a valuable decision. When a couple is going through a divorce, sometimes one or both partners try to spend money or buy things they wouldn’t necessarily buy on their own because the credit cards are still in both names. This can cost a person a large amount of money when it comes times to divide all bills. By eliminating joint credit cards, a person can begin to take responsibility of their own financial responsibilities without the concern of incurring any debt that doesn’t belong to them.
Georgia residents facing any of these issues as they’re going through a divorce could benefit from understanding the applicable state laws. Since laws vary from state to state, it could be in a person’s best interest to research the things that apply to them and determine the best way to move forward. With the proper knowledge, a person can feel more confident that they can move forward without mounds of debt that isn’t theirs.
Source: Huffington Post, 5 Ways to Cut Costs During a Divorce, Elliot Grey, Oct. 27, 2013