Important Financial Steps to Take When Going Through Divorce in Georgia

Divorce can trigger many consequences for spouses in Georgia, and many of them are financial. However, it is possible to avoid or mitigate some of these issues by taking various steps. Often, it makes sense to take these steps as soon as possible – or as soon as it becomes clear divorce is inevitable. If you’d like to learn more about the most important steps to take during divorce, consider speaking with a family law attorney in Georgia.

Establish Separate Finances 

One of the most important steps you can take during this process is to establish a sense of financial independence. You should immediately open your own bank account – in your name only. The same logic applies to credit cards, and you should start to establish your own credit score if you have been relying on your spouse’s during the marriage.

You should also consider closing joint accounts and joint credit cards. However, these accounts could be frozen by the court while your divorce proceeds. Inform your lawyer if you’re concerned about your ex taking money out of these accounts during your divorce.

 Take an Inventory of Personal Items

 Take a moment to create an inventory of personal items around the house. For many spouses, these personal items can be quite expensive. Examples include fine art, jewelry, precious metals, collectibles, and even cash. For example, you and your former spouse might have a safe with several high-value items inside.

Although you shouldn’t take these items out of the house, you should write down their estimated values. Consider taking photographs and attaching them to your inventory. With this strategy, you have proof that the personal items exist – and this could prove crucial if your ex tries to conceal them later.

 Determine Your Date of Separation

 You might also need to determine your official “date of separation.” This is the date when you or your spouse moves out of the family home. In Georgia, you need to wait about a month after separating before moving forward with your divorce. During this month, both spouses may accumulate assets and make various transactions. Technically speaking, everything acquired after the date of separation is “separate property” – so the date of separation could become quite important.

 Gather Documents 

You should also gather various documents in preparation for your first consultation with a divorce lawyer. These financial documents might include mortgage statements, tax returns, pay stubs, investment account statements, and so on. If it seems important, you should probably bring it to your consultation.

Can a Divorce Lawyer in Georgia Help? 

These are only a few steps worth taking once you become aware of an impending divorce. There are many others to consider, and many of these steps involve non-financial matters. Examples include steps related to child custody, health, and psychological well-being. To learn more about the most effective steps during a divorce in Georgia, consider speaking with Buckhead Family Law at your earliest convenience.

Sources: 

georgia.gov/file-divorce

womenslaw.org/laws/ga/divorce