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The financial aspects of divorce

The end of a marriage can be an emotional time for a couple in Georgia. In many cases, soon-to-be exes want to reach an accord on the applicable divorce legal issues by negotiating a settlement agreement. Many prefer this alternative to fighting it out in court, but they need to avoid the temptation of rushing through the process because they might forget to include some important points. One of those is the financial ramifications.

There are a variety of financial matters that will need to be taken into account before the settlement is prepared, especially if the couple has substantial assets. These include the amount of spousal and child support that will be paid. Other issues to consider are 401(k) plans and retirement accounts, health care and life insurance policies, estate plans, charitable gift programs, business ownership interests, and, if one of the parties is keeping the marital home, real estate value and if the existing mortgage can be refinanced.

At the outset, a financial adviser will want to obtain as much information as possible from the client as well as from banks and certified public accountants. The next step is to prepare a balance sheet that lists all current liabilities and assets. If the couple has children, the costs of their education need to be considered as well.

Once the settlement has been achieved with the assistance of each party's family law attorney, then the property division phase of the divorce can start to take shape. This might involve retitling assets and obtaining a qualified domestic relations order for certain types of retirement plans. Legal counsel could help a client throughout every aspect of the divorce process.

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