Financial Steps in Preparing for Divorce and Property Division

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.