Ending a marriage is certainly one of the hardest decisions a person has to make at any point of the year, let alone any part of their life. According to a recent article in Forbes Magazine, statistically more women divorce in January than any other month of the year. Perhaps the reasoning behind this statistic is the notion of making a New Year’s Resolution, or desiring a change in their personal life, or perhaps knowing it may be the perfect time to follow through with this plan.
If you are planning to file for divorce and undergo the divorce process in Georgia, consider these five financial tips to help set you on the right path in 2013 and secure your financial future.
Women’s Financial Planning Tips for Divorce
1. Gather all your financial documents. Gather all necessary financial and legal documents including bank statements, tax forms, and prenuptial / postnuptial agreements.
2. Obtain a copy of your credit report and assess. Without sufficient credit, you may be out of luck when it comes to obtaining a loan from your bank. Be sure to run your credit reports to ensure you have a substantial credit rating. In addition, assess your credit card statements. If you are still involved in a joint bank account, be sure to document any activity outside the norm that may impact your credit rating.
3. Open financial accounts in your own name. As a single individual, you will need to establish your own bank accounts. It is recommended to use a different bank than you had previously and open your checking and savings accounts only in your name.
4. Be on the lookout. There may be a situation where your spouse has hidden assets (other property) and accounts (secret savings accounts). Your spouse may have accounts at other banking institutions, used a safety deposit box, and unloaded assets to friends and family members. You must be able to account for these accounts and consider changes to your income tax return.
5. Assemble your divorce team. While your personal team may include a close circle of trustworthy friends and family members, be sure to have a professional divorce team. You will want to retain a team of divorce lawyers that are experienced in handling all legal matters and help navigate you through the entire divorce process.
Speak With Our Experienced Divorce Lawyers Today
Remember, when keeping these tips in mind, it is important to discuss any questions about your finances and legal options with your divorce attorney as soon as possible to avoid bigger problems later.
The divorce attorneys at Stearns-Montgomery & Proctor will help you understand the Georgia divorce process, legal terminology, and the potential outcomes. Schedule a consultation today by calling 770-280-1488 or complete our contact form.