Year-End Financial Checklist for Divorcing Georgia Couples

Making the decision to file for divorce at any time of the year requires careful consideration of your needs, future implications, and the legal process. At the end of the year, you will need to take a few extra steps to ensure the process goes as expected.

By working with a Georgia divorce attorney from our firm, you gain the legal guidance and support you need in difficult situations. At Sharon Jackson Attorney LLC, you are the priority as we help you navigate the complexities of a Georgia divorce.

Year-End Financial Chcklist for Divorcing
Steps to Take As You Consider Filing for Divorce

There are several critical factors to keep in mind as the year comes to an end. Our divorce and child custody lawyers in Gwinnett County will guide you through every step in our year-end financial checklist for divorcing Georgia couples.

✔️ Review Income

Now is a good time to review your income, assets, and debts. Before the year ends, take the time to review your financial standing now, including the changes expected to your income in the year to come. Make adjustments to required spousal support and child support as appropriate.

✔️ Tax Considerations

Before the end of the year, speak to your tax accountant about what you are facing and the financial implications of divorce on your tax planning strategy. Specifically, discuss how your tax obligations change for this year and into the future.

Depending on how you filed your taxes in the past, you may no longer receive the same tax deductions. However, these changes only occur once the court finalizes your divorce. That means that just making the decision to file for divorce now is not likely to change what occurs by the end of the year.

Your tax professional will help you navigate preparing for this change in the new year and for years to come. Being proactive can help minimize financial losses and ensure you have the funds you need.

✔️ Update Your Documents

As you review all of your financial documents and end-of-the-year planning for the year to come, now is a good time to update critical details. For example, update your beneficiaries if you have not done so. This should include life insurance, wills, and your powers of attorney. Make sure you align these to match your current needs. Think about who should benefit from you now and how this may change after a divorce occurs.

✔️ Prepare for January

January is the busiest month in the state for divorce filings. No matter why that is, it means that the courts see an influx of demands and requirements, and that can impact your ability to move your case forward. There are a few things you can do now that may help you.

• Work through this Georgia divorce checklist. Make sure you have everything you can in order before you file or attempt to file. That is likely to include making some critical decisions.
• Create a budget for the future. Financial planning during divorce allows you to create a budget that clearly outlines needs and expectations. This can help the court to see what steps you are taking to be financially set or what areas you are considering.
• Work with your attorney to handle the legal process. With a divorce financial checklist in Georgia and a plan that clearly outlines your objectives and goals, you minimize the risk of delays later.
• Gather all of the financial documents and taxes applicable to your divorce. This is also a good time to inventory all of your assets and debts heading into the new year. Make sure you are considering holiday-related spending implications.

You cannot move the court along any faster, but you can avoid mistakes and omissions that can create delays and frustrating outcomes. In these situations, it pays to spend the time now working with an attorney to navigate the legal process.

✔️ Communication During End-of-the-Year Tax Planning

One of the challenges that many people face is communicating with their spouse. The holidays make this challenging simply because of the demands on time and the emotions that typically play a role in the process. When possible, set up some time to speak to your attorney first. Discuss what your needs, goals, and concerns are. We can also review how to file for divorce in the most effective way possible for your situation.

Then, set up some time with your spouse to talk about the best way forward, if that is possible. Work towards a resolution that everyone agrees to, if that is possible. If not, it may be possible to work with your attorney to navigate the process.

✔️ Let Our Georgia Divorce Attorneys Help You

If this Georgia divorce checklist is making you wonder about your future and the expectations of the divorce process, contact our divorce and child custody legal team for guidance. As a Georgia divorce attorney with decades of experience serving the area, we are ready to help you take on the future. Contact Sharon Jackson Attorney LLC now for a consultation. Call (678) 436-3636 today.

FAQs About Georgia Divorce and Child Custody

Is alimony taxable in Georgia?

Court-ordered alimony is a form of taxable income for the person who receives it. It is also a deductible expense for the payer of it. Most of the time, any transfer of property does not face taxation during the divorce process.

Is it better to file taxes before or after a divorce?

If divorced by December 31st, you must file your taxes as single or head of household. If you remain married, you can file jointly or separately, depending on the situation. When possible, speak to your tax professional about which strategy may be best suited for your situation.

Is there a benefit to getting divorced before the end of the year?

It may lower your taxes in some situations by reducing tax obligations or avoiding complications from joint accounts. However, it is not always wise to do so. Note, too, that your status does not change until the court finalizes your divorce, which can take longer than a few weeks to complete.