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Important financial moves that may help during a divorce

Not every couple who ties the knot will remain married, for a variety of reasons. However, once the decision to divorce has been made, there can be far-reaching financial implications. Georgia residents who are preparing to embark on the process of a dissolution do have qualified resources to turn to in order to guide them through the process.

There are some steps that those facing divorce proceedings can take to help protect their financial future. One of these is to choose a lawyer who can provide the best information possible to ensure that one is sheltered from monetary damages as much as possible. A second step is to gather together as much financial information concerning all accounts and holdings as possible. Having as complete a picture as possible can help resolve disputes over expenditures that occurred during a dissolution rather than while a couple was still making joint decisions.

Another move that may help is to either open an individual credit line or have the former spouse or partner remove his or her name from existing credit accounts. Doing so may enable one to have access to needed credit for post-divorce life. Another final step that may prove to be invaluable is to keep a close watch over one's credit rating. While a divorce can cause one's score to fluctuate to a degree, sudden or unforeseen changes may signal that there has been unauthorized use of an account or an error on the part of a reporting agency. Catching these problems early may prevent damage that can have a lasting effect on one's credit for years.

There are other steps that one may elect to pursue during a divorce proceeding. Nevertheless, these steps may be a good place to begin. Of course, consulting with an experienced Georgia family law attorney is typically central to achieving a successful outcome. 

Source: USA Today, "4 ways to protect your finances during a divorce", Shawn Leamon, Jan. 28. 2017

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