Divorce can bring out the worst in people. The threat of losing a significant portion of one's income and assets as a result of the property division process can make people act in ways that are against all logic and reason. In some cases, Georgia spouses may even attempt to hide assets to shelter them from losses during divorce. This is not only a terribly unethical course of action, it is also against the law.
Although Atlanta readers might know that earnings and assets acquired during a marriage are typically considered part of the marital estate, valuation issues can arise in a divorce for business owners, especially when only one spouse handled the financial aspects of the business. Sometimes, a former spouse may even repetition a divorce court to reopen matters, as in today's story.
Although Hollywood actors may not always make the best role models, their divorce proceedings often can provide certain lessons to Georgia readers.
Atlanta readers may be familiar with the work of funk musician George Clinton. The musician has performed frequently at state venues such as Atlanta's Hose of Blues and for events like the Music Midtown Festival. The musician is once again in the news, but this time it's not to promote an upcoming performance. Rather, the musician is currently going through a divorce of his wife of 23 years.
Georgia readers may have heard accounts of how different individuals left the church after the loss of a loved one or other sort of personal tragedy. However, despite the nearly 50-50 divorce odds for newly married couples, a new study suggests that the effects of divorce may still be as difficult as ever on children.
Although they are becoming more common, many Georgia readers might still attach a stigma to prenuptial or postnuptial contracts. For example, some may avoid such contracts, fearing it would send the wrong message to a future or current spouse. Others may believe the contracts to be unnecessary, as divorce law provides ample guidelines for the division of property and other matters, such as child custody and support.
Dividing retirement accounts and investments may be the last thing on the minds of a Georgia couple going through a divorce. Issues like child custody, alimony or real estate often seem to get more attention. As a result, a divorcing individual may agree to a buyout of a retirement asset, just in the name of administrative ease. However, doing so could shortchange one's long-term financial planning and lead to nasty tax consequences.
A recent article reminds Georgia couples that the division of martial property may bring unwelcome surprises around tax filing time. Needless to say, a divorced spouse will likely have different exemptions and deductions, due to the property division ordered by the divorce decree.
Georgia readers may be interested to learn that former NBA point guard -- and future Hall of Famer -- Allen Iverson has recently finalized his divorce, according to reports.