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Planning for life after divorce

Ideally, a Georgia resident who is going through a divorce will consult with both an attorney and a financial planner. This may make it easier to determine how assets may be split, how to create a new budget and how to save for retirement. A financial adviser may also be able to help a person learn more about the tax implications of splitting a retirement account or other martial assets.

Those who are in the process of ending their marriages are encouraged to spend money conservatively. This may be especially wise for those who aren’t sure how much the divorce will cost or how much they will need after it ends. It is not uncommon for individuals to make child or spousal support payments as part of a divorce settlement. Furthermore, a person may incur higher health care, housing and other costs as the result of a divorce.

It is important to take stock of any assets or debts that may have been acquired during the marriage. Assets may include money in an IRA, 401(k) or other types of retirement plans. Equity in a home or cash in a bank account may also be assets that need to be divided in a divorce settlement. Joint credit card, auto loan or mortgage debts are among the financial obligations that may also need to be accounted for in a settlement.

A family law professional may be able to help a person work through the multiple issues that arise in a divorce case. For instance, a legal representative may help a person obtain spousal support payments or provide insight into changing an estate plan when the divorce becomes official. Having legal assistance in a divorce case may help a person come to a timely and favorable settlement agreement.

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