Financial Security After Divorce in GA
Everyone's financial circumstances are different
How can I make sure I'm financially secure after my divorce?
During a divorce, one party wants to protect what they’ve worked for, and the other party wants half of what they believe is theirs.
However, both parties are thinking, “How can I make sure I’m financially secure after my divorce?”
When facing a divorce, it’s normal to be scared about the financial impact it will have on you and your family. Everyone should have a financial plan and a budget that works for them and their family, so they don’t have to worry about one more thing on top of their family dynamic changing.
Divorce is already complicated and challenging as it is, and the stress and emotion involved in the divorce process can affect how spouses approach financial planning and division of assets. Things like property division, alimony, and child support are all complex topics that are best handled by an experienced family law attorney.
Money is a tricky topic for most people. No one likes budgeting, but everyone likes the benefits of having a solid budget. When it comes to divorce, having a plan is the best way to move forward and protect yourself and your family.
What are the Financial Implications of Divorce in GA?
Division of Property after Divorce in Georgia
Real estate, vehicles, and other tangible assets acquired during marriage are subject to division. In Georgia, the Court considers both marital and non-marital property when dividing. Marital property is generally divided equitably, while non-marital property typically stays with the original owner. Determining which assets fall into each category will help you prepare your financial plan post-divorce.
Debt after Divorce in Georgia
The approach to dividing debt mirrors the approach to dividing assets and property in Georgia. In the same way that financial assets or property are divided during a divorce, debts acquired during the marriage are also subject to division. Whether it is mortgage debt, credit card debt, or personal loans, understanding who is responsible for each obligation is important. Knowing this, one can make a better plan for how to handle potential added debt after a divorce.
The Court will determine a fair distribution based on factors including:
- Each spouse’s income
- Each spouse’s contribution to the accumulation of debt
- Each spouse’s existing liabilities
- Learn more about the implications of debt during a divorce in
- Georgia here.
Alimony after Divorce in Georgia
In Georgia, alimony, which is also referred to as spousal support, may be awarded in situations where one spouse requires financial assistance after the divorce. This can happen in cases where one spouse has significantly higher income or assets. The Court considers various factors including the duration of the marriage, the standard of living during the marriage, and the financial resources and needs of both parties. Understanding the potential for alimony payments is vital for financial planning post-divorce.
Learn more about alimony in Georgia here.
Child Support after Divorce in Georgia
Child support is a critical aspect of divorce when kids are involved. Financial considerations in divorce often revolve around child support and custody arrangements. Custody decisions have implications on finances that can impact one or both parents. However, ensuring the financial well-being of the children should always be a top priority. These payments are meant to support the children’s needs and ensure they maintain a similar standard of living after the divorce.
Some of the factors considered for child support include:
- Number of children
- Each parent’s income
- Each parent’s custody time arrangement
Learn more about child support in Georgia here.
Tax Implications after Divorce in Georgia
Divorce can bring about tax considerations that can significantly impact your finances. Asset transfers, alimony payments, child support, and even filing status can impact your taxes. It is crucial to understand these implications and plan accordingly to avoid any unexpected financial burdens. Consulting with a tax professional can help you navigate these tax implications and create a better financial situation post-divorce.
A lawyer who genuinely cares and a lawyer who gets results.
Individuals facing divorce (or family disputes) want 2 things:
We promise to be empathetic and caring. Brown Dutton & Crider is committed to providing caring and supportive legal services for individuals facing divorce. We know how important it is to feel understood, heard, and supported. We know you want someone who will treat you with warmth and respect. We do those things because that’s who we are. It’s in the DNA of our law firm.
We promise to provide the highest quality legal representation, so you get the results you deserve. It’s not enough to only be empathetic and caring. We know you want top quality legal services, too. So, that’s exactly what we deliver. When you hire a lawyer from Brown Dutton & Crider as your divorce attorney or family law attorney, you get a top divorce lawyer serving Cobb and surrounding counties in Georgia.
Brown Dutton & Crider – Divorce Lawyers and full-service family law firm in Georgia
Call to schedule a reduced-rate consult
Divorce is difficult. Let us help you feel heard, understood, and comforted.
Here’s what to do:
- Schedule a Reduced-Rate Consult
- Share your story. We will listen
- Get a plan to protect your future