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Tips for Georgians to prepare for divorce

On Behalf of | Sep 28, 2018 | Family Law

Think about it.

You went to great lengths to plan a beautiful Georgia wedding, ensuring every detail was perfect.

Does your divorce deserve any less? Actually, it doesn’t.

One of the biggest changes a person faces after a divorce is a change in finances. When you are considering divorce, there are five things you should do while you are still in the planning stages to secure your financial life down the road.

  1. Take inventory of your financial situation to figure out just what your assets are and how many debts you have. You’ll want to be armed with up-to-date information when it’s time to divide your assets and liabilities. Check your credit report, look at your bank statements and open all your mail to review credit card statements and bills.
  2. Create a budget that considers your new standard of living. Account for all of your anticipated expenses: rent, utilities, dry cleaning, car expenses, prescriptions, child care and more. Remember that you’ll be living on one income, so be prepared to trim accordingly.
  3. Apply for a credit card in your name. You will need access to liquid assets – cash, in other words – or credit for any short-term expenses that come up.
  4. Try to set aside some money every payday. It is recommended that you should have enough money to cover at least one month of living expenses, if not more. Shop around for banks and open a new account. Some will offer bonuses to first-time customers that could pad your account from the start.
  5. Start asking for recommendations of attorneys who work with family law cases. Having an attorney on your side from the start can help you to make sure your interests are protected.