Helping People
Through Difficult Times

  1. Home
  2.  → 
  3. Divorce
  4.  → Steps to take in financial preparation before a divorce

Steps to take in financial preparation before a divorce

On Behalf of | May 28, 2021 | Divorce, Family Law |

Many divorces are eminent for quite some time before paperwork is actually filed in court. Some divorcing Georgia couples actually have all of the details settled before even filing. While the priority for those who have been married for some time can be different from divorces involving minor children, there can still be issues such as ongoing support for children in some manner. Division of assets is usually the most important factor for spouses after children reach adulthood, potentially even including early inheritance for some. Each case is unique in some aspect, and the details of the divorce will control what steps to take in advance.

Discuss the divorce with the family

Divorces do not always only include the spouses. Those who have children will want input from the family regarding how it affects them, and there can be inheritance issues as well for those who have accumulated considerable wealth and property. Georgia family law attorneys advise that communication is key in any family split, and knowing what to expect beforehand can often be an advantage. This can also be a good gauge of the level of external resistance that could develop as well.

Liability reduction

Distribution of property is not the only financial family law aspect of a Georgia divorce. Financial liabilities are also a part of property division, and especially on mortgaged property. Paying off as much debt as possible is also often a step many will take, including filing for bankruptcy in some instances. The question can become one of whether or not bankruptcy is necessary or whether it would be better to file before or after the divorce. Any serious thoughts of acquiring new property should be thoroughly evaluated from a personal perspective, and potential sales of specific items beforehand is often a good decision even when selling at a reduced value.

It is also important to know what you may want before beginning the divorce process, and always evaluate personal priorities against what you may be willing to sacrifice. An unexpected decision by the court regarding unresolved elements of the divorce can sometimes be avoided by consulting with an experienced family law attorney in advance.