Staying in Control of Finances During a Split

Georgia residents considering the divorce process will need to stay on top of their finances as they prepare for life post-divorce. This is particularly important for older couples who experience divorce as they are entering or are already in retirement. However, all residents who are preparing or going through this process can stay in control of their finances so that they can have a healthier financial life.

The first way to stay in control is by getting access to the couple’s investment accounts, particularly if the spouses had previously divided responsibilities and their ex had been in charge of the accounts. Going into divorce negotiations, it is important to have all the information related to the couple’s finances, including how much decision-making power each person has in regards to each account. This is also a good moment to update account beneficiaries, removing an ex-spouse and adding the children, for example.

Another way to keep control of finances is by dividing taxable investment accounts. The firm holding the account might have rules about how the funds can be divided and whether these can be transferred to another firm. In cases where there is concern that an ex might try to make unauthorized withdrawals, the account might be frozen until the divorce process is finalized. Another important aspect of this process is knowing the taxes and penalties that might be incurred through transactions involving these accounts. Selling is not always the best option; for some couples, holding on to these joint assets and then dividing the shares equally might make more sense. Retirement accounts must also be reviewed, and the rules for each account must be followed when deciding how to divide them.

During the divorce process, the ex-spouses may rely on the assistance of family law lawyers. The lawyers might negotiate on their behalf, explain local legislation, and advise about court procedures.

Related Posts
  • Estate Planning for Blended Families: Navigating the Unique Challenges and Ensuring Fairness Read More
  • What Can I Do If I Can’t Afford Child Support? Read More
  • Should I Wait to File for Divorce Until After the Holidays? Read More