Burns Law Group, PC
770-628-1131
- CALL FOR A CONSULTATION -
View Our Practice Areas

What will a Georgia divorce do to your financial security?

Many things in your life change when you decide to get divorced. One of the areas where you are almost certain to feel the impact of ending a marriage is your finances. Divorce is expensive, and it also means splitting your assets with your spouse.

Divorce can have a profound, negative impact on the financial stability of those who go through it. However, in most cases, a little financial instability is preferable to remaining in an unhappy and unhealthy marriage. Educating yourself about the financial consequences of divorce prior to filing can help you take steps to reduce the amount of time it will take you to financially rebound after a divorce.

You will probably have to split everything you earned or bought during marriage

Like many states, Georgia utilizes an equitable distribution standard in divorces. That standard requires that the courts divide any assets that your family acquired during the marriage. Unless you have a prenuptial agreement governing certain assets, anything acquired during the marriage is subject to division in a divorce.

Even if you or your spouse never worked outside of the home, unpaid labor around the home is still a contribution to the marriage. The courts will still divide assets between both spouses, even if all the financial income came from the same person.

Housework, childcare and even daily household logistics are all demanding but unpaid jobs often assumed by non-working spouses. These efforts greatly decrease the amount of money that must be spent to maintain the household, and the courts will consider non-financial contributions when determining how to split up the marital assets.

Take steps to mitigate the expense of divorce without breaking the law

Knowing that you will have to pay for your divorce and split your assets with your spouse can prompt some people to make questionable decisions.

For example, choosing to hide assets in the hope that you won't have to split them with your spouse could end up causing major issues when the courts realize what you have done. Similarly, attempts to increase household income or diminish assets by giving them away or selling them could impact how the courts split assets between you and your spouse.

There are other ways that you can minimize the financial impact of your divorce. You can work with your spouse to set terms for an uncontested divorce, which can greatly reduce how much you have to pay for attorneys and court costs. You may also want to prioritize an even split for custody purposes to avoid exorbitant child support.

Divorce will have an impact on your financial situation, as you will need to split what you own and have saved with your spouse. However, it is possible to financially rebuild after a divorce, regardless of how expensive the process turns out to be in your case.

No Comments

Leave a comment
Comment Information

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

181 E. Main Street
Canton, GA 30114

Phone: 770-628-1131
Fax: 770-956-1404
Map & Directions

Burns Law Group