Last updated on April 8, 2021
Are you facing an impending divorce in Georgia and know that you and your spouse have a sizeable estate that will need to be divided? If so, it will be important for you to know what pitfalls to avoid and what things to focus on in order to ensure that you do not get shortchanged in your property division settlement.
A CNN iReport notes that one of the biggest mistakes some people make is approaching a divorce from the emotional side. This can lead to many problems including making you likely to settle for just about any agreement in order to avoid conflict or just be done with the whole experience and other person. When you do this, you leave yourself open to losing out on valuable assets. A feeling of guilt over getting divorced may also lead you down this problematic path.
Seeking out the best valuation for your assets and evaluating their long-term worth and even tax implications is highly important when you are getting divorced. Even if your family home and 401K account are technically valued at the same amount today, they are not necessarily equal assets. A home, for example, will cost you in terms of interest, maintenance, repairs and potential capital gains tax. Your 401K account will also be subject to tax when you take distributions. These things should all be calculated before you decide what you want to keep or give up.
