Financial Steps in Preparing for Divorce and Property Division
Posted on Jul 2, 2013 12:00am PDT
Many couples want to save their marriage during hard times, if at all possible.
However, in a case where a partner is abusive and irreconcilable differences
continue to mount, divorce may seem to be inevitable and it may be the
best possible recourse. But, a person contemplating divorce must prepare
financially as well as emotionally.
Georgia and Cobb County, Georgia, couples on the verge of a divorce should
consider certain steps in preparation for property division so that they
are left with a sufficient amount of financial stability. The first step
is to make copies of important documents, including those related to bank
accounts and acquired properties. This assures that each property is accounted
for and prevents a spouse from hiding money or siphoning it from joint accounts.
The second step is to close joint bank accounts as well as canceling joint
credit cards. This is particularly critical if a spouse is a controlling
person or has animosity. Joint accounts can be used as a weapon for revenge
by maxing out credit cards or changing payment dates. If a person is unable
to do this in the event that both signatures are needed to close a joint
account, it may be necessary to open a separate account that has nothing
to do with the other spouse. This is the groundwork for starting a new life.
Finally, it is important to remember that while in court the judge is the
one controlling the situation and not the spouse. For example, in Georgia
properties are divided into two types: marital property and non-marital
property. Marital property refers to assets that were acquired during
the marriage. While non-marital properties are assets obtained outside
or before the marriage.
An inheritance, gifts and properties are considered non-marital property
as long as they are not declared or shared under marital ownership. Dividing
property may be a bit tedious for Georgia and Cobb County divorcing couples.
However, it is a necessary process so both parties have sufficient resources
to start a new life.