Divorce creates an entirely new financial situation. You suddenly face added costs, reduced income, and questions about the future. When you face so many uncertainties, it is wise to take a closer look at your finances and make adjustments as needed.
As a Georgia family law attorney, we consistently work with people facing massive life changes. Managing finances during separation in Georgia is a big part of that process. Turn to Attorney Sharon Jackson LLC to learn more about your rights in these cases. Schedule a consultation with us now to learn more about your rights.
In the meantime, use this financial separation checklist in Georgia to help you get finances in place where you are in life right now.
A good starting point for managing finances during separation in Georgia is simply creating a budget. At this point, you need to have a budget that includes both households' expected income and essential expenses. That is likely to include:
Document what each of these costs are now, at the stage of life you are in. That often means still working on splitting costs and managing expectations.
To know where you stand and what money is being spent, you need the most up-to-date information available. To do that, start with these steps. Collect all:
The Georgia domestic relations financial affidavit requires detailed information in each of these areas. That includes all of your income, expenses, assets, and liabilities. Your attorney will review this information with you to ensure you provide the most up-to-date information.
Ultimately, you will learn how to separate finances before divorce in Georgia. Right now, you need to know what bills you are both sharing and what other liabilities you both have. Keep a record of who pays all expenses, including:
Save your receipts from any purchases you make. Document your charges or purchases on account statements. It should be clear what you are spending and what your soon-to-be ex is spending and paying.
Georgia separation and joint accounts go hand-in-hand, but you need to navigate the process with careful attention to detail. Do not assume that moving out or informally agreeing to split bills will actually change your legal obligation to the lender.
In these situations, we encourage you to speak with our Georgia family law attorney now about any debts you both owe. In addition, talk to our attorney before you make major transfers or close any accounts. This is especially important in any situation where the court order applies to those funds.
"One of the biggest mistakes divorcing spouses make is trusting the other one will pay their joint bills on time. If that's a mortgage payment or a significant debt, and they don't make the payment, it impacts both of you moving forward," shares Attorney Jackson.
There are many situations where the need for support is necessary. Depending on the circumstances, temporary support may be addressed in a divorce case. This allows you to receive financial support until a decree states otherwise. Georgia law also provides a separate maintenance process when spouses live separately and no divorce case is pending.
These costs are often overlooked at first. However, the following all need a plan:
If child support becomes an issue, Georgia's guidelines consider both parents' incomes and other applicable factors to determine if support is applicable and, if so, how much. Do not underestimate the importance of carefully calculating all of your expenses for child-related needs. This can go a long way in determining who is responsible for these payments as well as how much is paid based on the needs of the child.
Managing finances during separation in Georgia is challenging, especially if you count on your soon-to-be ex's income or payment decisions. The best option is to work with an attorney who can guide you.
If you are separating in Gwinnett County, contact Attorney Sharon Jackson LLC now to discuss your case. Let us help you understand your legal rights before you make a financial decision that affects a future settlement. Call (678) 436-3636 to discuss your case with confidence and privacy.
Should I financially support my ex during separation?
You may need to do so. Typically, this depends on the specific factors in your case. This includes whether you have children or if your income is significantly higher than that of the other party. Other factors, such as a formal court agreement, can also help in this process. If you are unsure, speak to our attorney to review your obligations in your specific case.
Should I open a new bank account before my divorce?
It is wise to document all financial transactions with care. Often, that starts with opening your own accounts. Opening a new personal checking and savings account helps you clearly track spending, savings, and costs. Make sure to redirect your income to the new account.
Should I close a joint account with my soon-to-be ex-spouse?
You should not automatically close a shared bank account. Doing so can make it look like you are hiding valuable assets or money from the court. Only withdraw the money you need for noted and common expenses. Make sure to update where your paychecks are going as well. A new account gives you financial peace of mind, ensuring the ex has no access to your account.
Attorney Sharon Jackson LLC
188 Hurricane Shoals Road NE
Building 3000
Lawrenceville, GA 30046
Phone: (678) 909-4100
