Are you financially prepared for an upcoming divorce?

On Behalf of | Mar 26, 2021 | Family Law

If you’re about to get divorced in Georgia, it’s understandable to have some questions. One of the most common things you might be wondering is if you’re financially ready for a divorce. Here are three ways to determine if you’re sufficiently prepared.

Have a clear understanding of your assets

One of the best ways to know if you’re financially ready for a divorce is to look at your assets. You’ll want to make an accurate list of what’s in your bank accounts, investments, retirement plans, pensions and anywhere else you and your spouse might have money. If you want to give a divorce attorney a clear understanding of your assets, have recent monthly or quarterly statements available.

Find out about any liabilities

In addition to assets, most married couples also have liabilities. You or your spouse might have separate liabilities. However, it’s common for most married couples to have shared liabilities like mortgages, loans or other financial obligations. It’s important to have a clear picture of you and your spouse’s liabilities to know if you’re financially ready for a divorce.

Gather copies of your tax returns

You and your spouse likely have tax returns that reveal information about your income and assets. These documents are important for an attorney to determine if you’re ready to get divorced, especially if you and your spouse file jointly.

Looking at several factors can help you learn if you and your spouse have the money to cover a divorce and live separately. If you’d like more help understanding whether a divorce is financially possible, consider contacting a family law attorney.