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Atlanta Metro Family Law Blog

Tips for dividing a business in a divorce

When Georgia entrepreneurs get a divorce, they might wonder how their business will be affected. Because the business is an asset like any other, the first step will be to determine its value.

This will likely require a professional appraiser. An appraiser looks at all aspects of the business and not just the financials. This may include examining the value of equipment and real estate, accounting for the future income potential of the company and assessing the value of the company's name. An appraiser also must look closely at financial documents to ensure they are all in order. An owner might try to hide the profits or inflate the expenses to make the business appear to be worth less than it is.

Some parents continue home sharing after divorce

For many parents in Atlanta who make the decision to divorce, the end of their marriage can be accompanied by a great deal of concern for their children's reaction to the split. Child custody, along with property division and other financial issues, can be one of the most contentious and difficult portions of any divorce.

Some divorcing couples attempt to deal with these concerns using an approach to joint child custody called "bird nesting." This is a form of shared custody in which the family's children remain in the family home on an ongoing basis while the parents move in and out weekly for their custody time. During the weeks that they do not have custody, the parents might switch in and out of an apartment, stay with family or set up their own residences elsewhere. This allows the children to remain in their home, a familiar environment, while processing the changes in their lives.

What unmarried fathers should know about seeking custody

A majority of single parent households across the country are headed by women. While there a number of reasons for this, it does not diminish the fact that countless fathers desperately want to be in their children’s lives and seek custody and parenting time as a result. However, many fathers feel as if they are treated as second-class citizens for seeking equal parenting time, especially if they have been intentionally shunned from their children’s lives by vindictive mothers.

Whatever the case may be, it is unfortunate that some fathers give up on the process; frustrated by the pace upon which decisions are made and how much they have to prove in order to get a fair shake. Despite this, the old adage “time and patience can empower you to do anything” rings true.  With that said, this post will provide some helpful tips for unmarried dads seeking custody and parenting time.

Preparing financially for divorce

As Georgia residents and others welcome the arrival of spring weather, it may also be time for spring financial cleaning. This can be especially worthwhile for those who are going through a divorce. Obtaining documents before the divorce process starts can make it easier to have the information needed to negotiate a fair settlement. By getting this information early, a spouse won't have to ask a separated partner to willingly provide it.

A soon-to-be ex should also make sure to get a copy of their credit report and to open accounts in their own name. The CARD Act allows individuals to use income earned by a spouse as the basis for obtaining credit. Therefore, a spouse could possibly get a credit card even if they were not working prior to the end of a marriage. Opening a personal savings and checking account can also help to gain a sense of financial independence from an ex-spouse.

Financial decisions to make during a divorce

Georgia residents who are contemplating getting a divorce need to take steps to protect their financial future. Doing so can help to protect their interests as well as their children. Parents who stayed at home to raise the children should know that they are entitled to a portion of the income that a spouse earned.

One way to obtain financial protection in a divorce is to open a personal checking and savings account. This should be done with full transparency to avoid being accused of hiding assets during the divorce. Joint accounts should be closed as soon as possible, and individuals who are ending their marriage are encouraged to refrain from adding any new debt. This can make it easier to save money and obtain a level of financial independence when the marriage is officially over.

Cheating has more than an emotional impact on a divorce

The end of a marriage can be a sad and trying event in someone's life. If the divorce is initiated due to one partner's infidelity, this is even truer.

However, an affair can have more than just an emotional impact on a couple who decides to divorce. Under Georgia law, it can also impact the financial future of each party.

What happens to property in a Georgia divorce?

Dividing assets and debts is one of the most upsetting elements of the divorce process. Even in the most amicable splits, it can be difficult to come to terms with the fact that you may have to divide nearly everything you have. And figuring out how to even do that can prove to be overwhelming.

As such, it can help to have an understanding of how property division works in Georgia and what you can do to make the process a little easier.

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