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Finding firm financial ground in a divorce settlement

Financial advisors have seen their share of divorces gone wrong. What begins as an amicable breakup declines into conflict and dirty tactics when the couple has to deal with the finances. If you and your spouse expect to end your marriage soon, you may believe everything will go smoothly, but the process may not be that easy. Fortunately, there are steps you can take to ensure you will not end up on the losing side of a settlement agreement.

It is easy to become emotional when your marriage ends, and some may allow those emotions to rule their decisions. Knowing the long-term impact of your divorce settlement may prompt you to be proactive about securing your fair share of marital assets and protecting yourself from property division that could leave you in the red.

Debt doesn't divide easily in a divorce

You are facing divorce. It may have come as a shock or a long time in the making, but you have a lot to consider as you prepare for the process. If you and your spouse have been married a long time, you may find splitting up more difficult than those with shorter marriages. In fact, the longer you are married, the more entwined aspects of your life become, primarily the financial aspects.

Regardless of which one of you was the one to file for divorce, the fact remains that you have a lot of work ahead of you. You are probably focusing on the division of custody above all, and certainly, you want to ensure you receive your fair share of the marital assets. However, there is one part of property division many divorcing couples overlook.

Are you entitled to stock-related assets during divorce?

Because divorce requires the examinations of many areas of your life and your spouse's life, the process can take time if you hope to ensure that you have not overlooked important details. Though the idea of finishing the process quickly may seem more appealing, the possibility exists that you could end up with outcomes that seem less than satisfactory if you make hasty decisions. When you must deal with complex assets, the chance for potential mistakes could increase.

If you suspect that your spouse may have obtained certain benefits from his or her company that allow for stock-related income, you may not entirely understand how those benefits could play into your property division proceedings. However, you may want to find out more on stock options and restricted stock as you could potentially have reason to gain a portion of those benefits during asset division.

Grandparenting isn't always grand, especially during a divorce

You love your children. You also love your grandchildren, and no matter what may currently be transpiring between your son or daughter and his or her soon-to-be former spouse, you likely want what is best for everyone. Most Georgia grandparents understand that there is little or nothing they can do regarding adult children's decisions to divorce; after all, you raised your child to be independent and make his or her own choices.

If you are in this situation, you probably asked yourself the following question: How can you help your adult child, as well as your grandchildren move toward a new, happy lifestyle?

You may be relieved to know about this tax option

No two divorces are the same. Every Georgia couple's experience is unique in some say, and many face complicated extenuating circumstances, such as those involving taxes. If you're currently navigating a high-asset divorce and are concerned about certain erroneous acts you believe your spouse committed on a jointly filed tax form, there are several options and support networks available to help people facing such circumstances rectify their situations.

The federal government provides protection to spouses facing financial accountability problems for tax debts when their counterparts failed to claim income or otherwise filed erroneous information on jointly filed tax forms.

Safeguarding your financial future during a divorce

There is no denying the emotions of a divorce. You may be feeling hurt, confused, angry and betrayed even if the breakup was a long time coming. Perhaps you find yourself spending a lot of time dwelling on the past, especially the beginning of your relationship when everything seemed right. While it is perfectly natural to think about the past, it is also crucial to consider your future.

A divorce can be financially devastating. It may deplete your savings, strip your retirement and decimate your business. Without careful planning and solid advice, you may require years to recover from the blow of dividing your assets and starting over.

How do I get ready for a child custody hearing?

There is no doubt that what you are about to experience is possibly one of the most stressful events of your life. A child custody hearing will determine when and how often you see your children and may define your relationship with them for the rest of their lives. If your former spouse is seeking sole custody, you know you have a battle ahead.

While there may be no way to really get your mind around the situation, knowing a little of what to expect may help you prepare.

Love and remarriage

Researchers seem in constant search of answers about how marriage works. They want to know what attracts people to each other, what the main causes for divorce are and why second and third marriages have a greater chance of ending. 

Data compiled in a recent study focuses on the marital habits of financially stable men and women and has come to some conclusions that may surprise you.

4 ways a spouse may try to hide assets

When going through divorce, every asset matters. Whether the property falls into marital or separate property categories, you must still report the assets in order to ensure that division proceedings move along as necessary. However, if you and your spouse have a complex financial situation due to considerable assets, you may worry about getting your fair share when it comes time to divide those assets.

Unfortunately, not everyone feels the need to utilize complete honesty while going through divorce. As a result, some parties may attempt to hide assets in hopes of coming out of the divorce facing fewer negative financial impacts. While those individuals may believe that such actions work to protect them, this unlawful tactic could cause many complications during a divorce.

If you suspect that your spouse may have hidden property, you may wish to look for these potential signs.

Divorcing spouses, dividing assets and the family business

You may have had a dream to one day own a family business. After getting married, those dreams may have become a reality, and your business may have thrived in a manner that allowed you and your spouse to feel proud and accomplished. However, if you now face the possibility of divorce proceedings, you may wonder how your business will fare when it comes to property division and other related processes.

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William C. Gentry, Attorney at Law

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