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Divorce and addressing financial issues

Divorcing couples in Georgia may experience some anxiety regarding their finances. They should begin by examining their expenses, liabilities, income and assets.

Savings accounts, bonds, money-market accounts, mutual funds, stocks, savings bonds, real estate investment trusts, certificates of deposit, savings accounts, cash and checking accounts are all categorized as financial assets. These financial assets may be particularly beneficial to spouses who have a very low income or who do not work as the assets can be used for living expenses.

One important consideration to keep in mind when looking at assets is that the classification of the assets will determine how they are taxed. For example, distributions received from certain retirement assets will be assessed penalties. There are also situations in which a penalty will have to be paid on those distributions.

Real estate is another asset that couples have to allocate during a divorce. In addition to homes, real estate may include residential or commercial rental properties, vacation properties, timeshares and business properties.

Because there are often emotional attachments to a home, it can be difficult for individuals to conduct negotiations about what should happen to their home. However, if the property is to be placed on the market, it is important to both parties figure out who will be paying the expenses associated with the property until it is sold. They will also have to determine how the proceeds earned from the sale or the debts that result from the property being sold for less that than what is owed on it will be divided.

A divorce attorney may assist clients with resolving divorce legal disputes, such as those regarding the division of property. The attorney may conduct negotiations on behalf of clients to protect their financial interests.

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