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Do not let these mistakes screw up your post-divorce finances

On Behalf of | Nov 3, 2018 | Divorce

Ending one’s marriage is never easy. Divorce is difficult and emotionally and financially draining. There are a few things that Georgia residents can do to get through the process without screwing up their post-divorce financial situations.

When going through a divorce, one might want to do anything to keep one’s mind off of what is going on. Some people turn to retail therapy to drown their sorrows. This may be a mistake. Increasing one’s debt load when one’s income is about to drastically decline will only hurt his or her financial position post-divorce.

A person may be tempted to dip into investment accounts to make ends meet during or after divorce. This is not advised if it can be avoided. Not only may there be some tax consequences for doing so, but it can also derail plans for the future. Making a financial plan that works within one’s new budget range without having to touch investments is strongly suggested to anyone going through a divorce.

Finally, one may feel certain assets are worth fighting for, but in truth, they may not be the best thing to hang on to. The marital home, for example, is not worth keeping if one cannot afford it alone or if property values are diving. Just food for thought.

Georgia residents who are going through the divorce process can turn to legal counsel for help achieving final settlements that will benefit their post-divorce lives, not make it harder. An experienced divorce attorney can provide guidance on what to fight for and what to let go. One’s legal counsel can also help one stay focused on the bigger picture rather than just thinking about the here and now.

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