Divorce: Ways to protect yourself
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Divorce: Ways to protect yourself

| Dec 18, 2020 | Divorce |

Going through divorce in Georgia is a major undertaking and one that comes quickly for many. Understandably, it can be rather daunting to suddenly switch from thinking about your family to thinking about yourself. However, it is an essential part of the divorce process and one that needs to begin the minute the process begins. Here are a few of the best ways to protect yourself.

Obtain liquid funds

In many cases, one of the spouses will need to leave the home, even if the divorce has not finalized yet. If you know that the home is not in your name or that it’s in the best interest to remove yourself from the location, you should begin obtaining liquid funds. Liquid funds are essentially physical cash, which is something you will need to place a deposit on an apartment or stay at a hotel for a few days.

Hire a CPA

Many things change after a divorce, especially the tax bracket you’re in. The fact is that marriage comes with many tax breaks and incentives, but once that marriage ends, so do the taxes you pay. A certified public accountant can provide you with the necessary information regarding your taxes, thus protecting you from potentially making costly tax mistakes. However, they can offer so much more, including:

  • Help setting financial goals
  • Advice on a personal business
  • Bookkeeping services

Protect joint bank accounts

Depending on the type of spouse you have, there are several ways to protect your funds. You may simply do nothing and leave the funds within your account, or you can take action and distribute half of the funds to an account for yourself. You would do this if your spouse isn’t trusted and you need a way to protect some of the funds you both accumulated together.

The divorce process can be lengthy and come with unexpected challenges. That’s why it is incredibly important to bring in an attorney who can be there to help you navigate the challenges of divorce.