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The various ways that divorce can cost you

When you walked down the aisle, you never dreamed that one day you would be facing off in a divorce. But life can be like that sometimes. According to the Census Bureau, almost one out of every two marriages is doomed to end in divorce.

Those with higher incomes and more assets and resources also have more to lose in a split than their less well-heeled counterparts. Below are some ways that your divorce can wind up costing you a bundle.

Your ex doesn't pay off their share of joint debts

Despite your own private agreements in your divorce judgment, in the eyes of your creditors and the law, the two of you are both responsible for the repayment. If your ex doesn't honor the terms of your agreement, you are responsible for these financial obligations.

Unequally dividing the assets

Here is where you need to strategize carefully. The first order of business should be to get recent appraisals for high-dollar assets like wine collections or antiques. Only then can you be certain that you're getting an item's true value.

Not all assets are equal, as you have to consider liquidity and fluctuating market values that can affect property values and retirement accounts. Remember that it's easier to tap into your home equity than it is to dip into retirement funds without penalty.

High-asset divorces are complex matters. You want to walk away from your marriage with the resources that you need to begin your new life as a single person. Your Atlanta family law attorney can help negotiate a fair settlement that provides you with what you need going forward.

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