People in Georgia who decide to divorce may face difficult questions about how to handle the marital home as part of the settlement. Unlike traditional financial assets, the home cannot simply be split like a bank account or retirement fund. However, unlike other sentimental items, the home has a great deal of material value and is often the largest single asset held by the divorcing couple. Due to the difficulties involved, many couples address this issue by selling the home as part of the divorce. The sale of the home allows the proceeds to be used to pay off a mortgage balance and distribute the remaining funds as part of the overall settlement.
Georgia residents don't expect that their marriages are going to fail. However, if a marriage does come to an end, it is important to consider the impact it will have on a child. Children may believe that they were the reason why a marriage fell apart. They may also feel as if their parents are not going to be in their lives anymore since mom and dad likely won't live together anymore.
In Georgia and any other state, a noncustodial parent is responsible for helping to raise his or her child. The husband of the baby's mother is presumed to be the child's legal father. If the child's parents aren't married, paternity needs to be established before a person can be ordered to pay child support. In some cases, a father will voluntarily acknowledge his paternity. A DNA test can also be conducted to determine the identity of a child's father.
Student loan debts could put a serious strain on the marriages of some Georgia couples. A study by Student Loan Hero found that 13 percent of divorced borrowers said student loans caused the end of their relationship. Over a third said that student loan debt combined with other financial issues played a part. With the cost of college continuing to rise, millennials are taking on more and more debt on their education. The average debt is around $34,000, but some people owe more than $50,000.
Some women in Georgia may be unprepared for the financial reality of divorce. According to a survey by the online marketplace Worthy, almost half of all women who were divorced said they had encountered unpleasant financial surprises during their divorce. Women reported their number one fear in a divorce was the difficulty of living on one income followed by the fear of what the divorce would cost.
Georgia residents who are going through the divorce process might want to consider the long-ranging financial impacts of separating from a spouse. According to a report from the Center of Retirement Research, about half of American retirees find it hard to maintain the standard of life they were accustomed to when they were working. However, households that have experienced a divorce are at a 7 percent higher risk of facing a lower standard of living.
Dividing your property can be the most challenging aspect of divorce. Physically dividing everything you accumulated during your marriage can be overwhelming and, for many people, far more complicated than they expect.