Anyone who has been through a divorce, even an amicable one, can tell you that it’s not a pleasant experience. There is always an emotional toll on the spouses. Decisions made in the heat of the moment or simply without preparation, can resonate for decades to come.
There is generally more work to do when a couple has intertwined their financial affairs closely over time. In Georgia, as in many states, judges use the rule of equitable distribution to decide how property is split between separating spouses.
Attorneys and financial advisors can represent divorcing spouses’ interests, as tend to have a more objective look at what the parties should receive from the of division of marital finances and assets. But that all starts with the information and preferences you tell them. “You are your own best advocate,” said one certified financial planner.
Life after divorce should be the first thing on your mind. Staying in a house when you cannot afford the mortgage or maintain it in good order may not be a good idea, even if the house has been your home for many years.
Many divorced people find themselves “house rich” and “cash poor.” This can cause them to resort to selling the house to get money. It is best to avoid this situation by calculating the amount you will need to live on after divorce and plan from there.
An attorney can help divorcing spouses prepare for their new lives and negotiate for the possessions and assets that matter to them. Consider legal representation for yourself in this situation.
Source: CNBC, “When it comes to divorce, not all assets are equal,” Sarah O’Brien, accessed May 18, 2018