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Financial literacy is important during divorce

| Jan 16, 2020 | Uncategorized

Any change in life can be difficult to handle. Even if you know a change is coming, you may not know the best way to tackle the obstacles that may come with it. For example, you know that you are getting a divorce, but you do not know how the process will affect your assets and financial affairs. Understandably, you may feel a bit apprehensive.

Luckily, you do not have to go into the divorce process blindly or wait for a judge to tell you what will happen with your assets. Georgia is an equitable division state, which means that the courts divide marital property as fairly as possible. However, that does not mean that you cannot take steps to protect your assets before and during your proceedings.

Managing your affairs

One of the biggest risks to take during a divorce is not understanding your finances and which assets belong to whom. You may have certain items that you consider yours and yours alone, but would the law consider them separate property? If you acquired the assets before marriage or did not commingle them with marital assets, you may be right in thinking your spouse has no claim to them. However, you may need evidence, such as receipts, that can verify the time of purchase or acquisition.

You also need to know the location of those assets. You may have money in banks, investments, liquid assets, personal items in storage and much more for which you need to account.

Have your paperwork

Financial documents play an important role in divorce cases and can act as evidence of your ownership of assets or as evidence of shared assets. These documents can also help you better understand your financial affairs as a whole. Additionally, having these documents in paper form and not just electronically is wise. If your soon-to-be ex-spouse changes a password, you could find yourself locked out of important information with just a few taps of a keyboard.

You may not anticipate your spouse carrying out any type of vindictive actions during your divorce, but it still pays to protect your assets and financial future. When it comes to finding the best way to handle your particular case, you may want to confer with a knowledgeable divorce attorney. This legal professional can provide you with information on state property division laws, your rights and your options for protecting assets.