abbott's blog

Divorce is a stressful time for anyone, but if you are a business owner, you may have additional worries on your mind. How much is your business at risk as you move through the divorce proceedings, and how much is your spouse entitled to in terms of a divorce settlement?

Since your financial future and your livelihood are at stake, this is no small matter.

In the category of what has changed significantly about marriage in the 21st century, add the fact that more couples are eschewing joint bank accounts and electing to keep their finances separate.

Sociologists and others who study this sort of thing site numerous reasons why Millennials are electing to keep money separate after marriage. For starters, couples are waiting longer to get married, which means individuals have established themselves in terms of career and salary. Letting go of financial independence can be tough after you’ve had it for a decade or more.

Alimony is a monetary award paid by ex-spouse to support the other spouse. The payments can be temporary and used for rehabilitative purposes, or permanent, continuing indefinitely. Alimony is awarded to either spouse based on the needs of the requesting party and the ability of the other spouse to pay.

There are a lot of questions you may have when going through a divorce. How much does a divorce cost? Do I have to go to court, or are there more amicable ways to end my marriage? How does mediation work in Georgia?

Fortunately, there are other options you can take when you know your marriage is over, instead of traditional litigation. Mediation is one of the most common ways for couples to resolve their differences in a divorce, because of its simplicity and cost-effectiveness. The following points illustrate how mediation works:

Couples in the South are more likely to divorce than married couples elsewhere in the country. A report by CNN stated that part of this could be due to the fact couples in the South, which includes states like Georgia, Kentucky and Alabama, are more likely to marry at a younger age, which increases a couple’s risk of divorce.

Yes, high-income couples can have an uncontested divorce. In fact, many do, and their divorces can be finalized in a mere two or three months. Whether a divorce is contested or uncontested is unrelated to how much money the couple earns, but rather depends on whether they are able to agree on issues (for example, child custody and property division).

Of course, couples of all income levels have a lot to think about when it comes to divorce, even if it is uncontested. Here is a look at a few considerations.

Georgia has a relatively high divorce rate, compared to other states in the country. According to recent data, there are approximately 11 divorces for every 1,000 residents.

As a grandparent, your grandchildren are probably some of the most important and valuable people in your life, and to maintain strong relationships with them, visits are generally necessary. Family situations can prove quite complicated, however, and sometimes parents or others deny grandparents visitation, or do not permit grandparents to visit with grandchildren as much as the grandparents might like.

If you are going through a divorce and splitting everything from your bank account to time with your children down the middle, it is important that you are aware of all the joint marital property and who has access to it.

On top of all the emotional stress associated with getting divorced, there are unfortunate times where one spouse will take advantage of another and cover up assets. It is fairly common for this to happen, so you should always be aware of the warning signs.

If you have recently gone through a divorce, you may still be feeling the emotional effects and trying to sort out your new life while helping your children adjust to the changes. Divorce has the capacity to affect many aspects of your life, including your ability to finance your child’s college education.