Going through a divorce is difficult enough without having to consider the long-term ramifications of your financial wellbeing. As much as marriage can be a romantic endeavor, it is also a business one as well. The tips below are here to help provide you with a great starting point to think about how to divide your assets with your soon-to-be ex-spouse.
Marital assets and separate assets
You should know that, for the most part, the items that you came into your marriage with are separate from your marital assets. They are yours alone, and discussions around dividing them are unlikely.
However, any items, assets, or money accumulated during your marriage are largely considered marital property. It may be important for you to go through all of your accounts, statements, businesses, or real estate properties to determine how much money is subject to division during your divorce. This could make the process easier and help you better determine which assets you would prefer to keep.
Marital home and retirement accounts
The home you and your spouse share, along with your retirement accounts, typically comprise the majority of the finances in most marriages. To begin, especially if your divorce is contentious, you may want to think about what you would like to achieve for both your long-term and short-term financial goals. And it may help to discuss this with a divorce attorney and financial manager.
Retirement accounts are often overlooked, even though they may be worth more than your primary home or rental property you and your spouse own together. Being that Georgia is an equitable distribution state, you may want to take some time to review your retirement statements and seek a Qualified Domestic Relations Order or QDRO that is a legally binding document that attempts to divide retirement assets equitably.
Working on finalizing the details of your finances post-divorce requires careful consideration of all your joint and individual assets. Looking through your accounts and discussing these issues with trained professionals can provide significant advantages for your long-term financial success.