Ways of Protecting Family Wealth During a Divorce in Georgia

October 25, 2021

There are a lot of companies which can protect you financially. Even though the majority of weddings and plans to marry have been put on hold amid the coronavirus emergency, couples are still considering the future of their relationship and with it, their authority over their financial settlements if that relationship should end. If you are planning to file for a divorce in Georgia, ensure to get the best attorney with expertise in divorce law and also a good understanding with respect to financial settlements.

As reported by the National Statistics Office of Georgia, divorce across all ages is likely to happen in the first and last years of marriage, and few in between. For example, in both 2018 and 2019, in the first four years of marriage, the divorce rate was higher than any other category as calculated by researchers. Years 5 to 9, 10 to 14, and 15 to 19 all dropped respectively.

Nowadays, parents are concerned that the money could be lost in a divorce in Georgia, so they are being reluctant to provide financial support to their adult children.

To preserve wealth intended for their blood family, parents can take the following proactive steps:

Prenuptial Agreements:

To protect family wealth or any assistance parents have provided or may provide, it is important to have a prenuptial agreement. They could be very helpful in case of a divorce in Georgia if a parent wants to transfer property or assets or leave an inheritance to an adult child, but safeguard them from division in the case of a future divorce. Some parents, when entering into such agreements, make it a condition of a gift or advance.

Hire an Experienced Albany, GA Divorce Lawyer:

Ideally, a divorce lawyer stresses intercession or collaborative divorce in Georgia over legal action. Rather than letting a court decide, both partners tend to fare better in structured processes and negotiate solutions to settle their conflicts.

Open Accounts in Your Name Only:

It is important for you to start straight away to establish your own credit history in case you need a loan or mortgage in the future or if you are a nonworking spouse. Many lawyers, even if you already have a history on file, recommend freezing or closing joint bank and credit card accounts to avoid you from being accountable for buying sprees by your soon-to-be former spouse. To reflect your newly single status, car insurance and other policies should also be altered.

Take Inventory of Assets and Debts:

To have knowledge of where your money is and where it goes, ask for full information of all joint and independently owned financial resources with the help of your lawyer. Get copies for credit card accounts and safekeeping of loans, along with past tax returns, business debts, and home equity lines. With the help of your attorney, you can also get control over assets deemed to belong to one spouse.

Sort Out Mortgage and Rent Payments:

In spite of your personal situation, mortgage companies and landlords anticipate payments. Before a divorce, you may want to depart to your own place as early as possible, but that might cause trouble to your claim. Even after the divorce in Georgia, you will still be held accountable for no less than half the loan payment. In some cases, the two partners can arrive at an agreement about who keeps the house, but usually, it makes better financial sense to dispose of it.

Be Prepared to Share Retirement Accounts:

Only because your name is on an IRA does not mean it is not up for hold. These reserves may be subject to bargaining and viewed as marital property. There are nine states where everything owned together is subject to be split 50-50 among the spouses. The other states intend for a fair and equal distribution. The splitting up of IRAs is addressed in the divorce ordinance.

Change Your Will:

Adopt your will correspondingly as you arrange for a divorce, or instantly upon its settlement. In most states, former spouses are spontaneously ruled out from serving as trustees or estate administrators or from receiving under your will.

Contact an Albany Divorce Lawyer:

If you are planning for a divorce in Georgia, it is essential to look at all the options and understand their consequences in order to safeguard family wealth in the event of divorce. Our divorce lawyers in Albany, GA have vast experience in guiding both parents and adult children and ensuring their proper protection.