Georgia spouses who are thinking about separating should take steps to gather as much financial information as possible before signing the divorce papers. This will help each partner be financially prepared for life after divorce.
First, it’s important to get copies of every tax return along with 1099s and W-2s from the last few years. If spouses own any part of a private business, they should get as much financial information as they can on that as well. Next, they should look into online expense trackers that can work with information in credit card and bank accounts. These programs will help in creating a detailed record of expenses and making a post-divorce budget. A financial professional may also be able to help with this.
Credit reports will help spouses keep track of any joint accounts they may have. However, it’s important to close such accounts during the divorce process. It may also be necessary to locate other assets, such as retirement accounts or money stored in a safety deposit box. Both partners will be required to submit a net worth statement to the court that includes all assets and liabilities.
In some divorces, one partner might try to hide finances from the other. A spouse who suspects this is happening may want to consult an attorney about how to proceed. In addition to property division, a family law attorney can address child custody and visitation, alimony and child support. It may be helpful for people making a post-divorce budget to know if child and spousal support will be factors.