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Are there “divorce planning” steps?

On Behalf of | Jan 28, 2021 | Divorce

A divorce can result from the building of tension over time. Spouses may drift apart over the years, or there may be other issues that harm the union. A common way to describe an impending divorce is “messy,” but do divorce proceedings in Georgia have to turn out this way? Effective planning could mitigate some issues during a divorce or separation.

Taking the necessary time to plan a divorce

Performing a financial audit might help when intending to take steps to file for divorce. The divorce may involve hearings over alimony, child support and asset division. Presenting the court with accurate and current information about net worth, debt and living expenses will be necessary.

Personal issues may also drive a need to thoroughly review financial information. After the divorce, lifestyle changes might become unavoidable. Scaling back living arrangements, while not preferable, could become inevitable. Financial reviews might also entail re-reading prenuptial or postnuptial agreements in place. These contracts could determine what each party receives in the divorce.

Hiring professionals and handling other obligations

Upon divorcing, those reliant on accountants, financial planners, insurance brokers and other service providers may find themselves looking for new professionals to replace the original ones. Perhaps searching for the right people for the various jobs long before the divorce finalizes could be helpful. Tax season and its obligations, for example, may arrive faster than some realize. Hiring a tax preparer at the last minute might prove stressful.

In some instances, the parties may have joint financial obligations until after the divorce. A mortgage payment could be an example. Will one party pay the entire monthly payment, or will each party continue to contribute? What if one can’t afford to pay and the other refuses to pay? An attorney may become involved in such troubling scenarios and assist with working out an agreement.

People considering separating might not think about divorce planning, but such planning may prove necessary. Financial and other obligations could require a structured approach to manage.