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Important ways to handle the financial impact of divorce

April 14, 2017

While the divorce process, and the acrimony sometimes associated with it, may have a negative impact on Connecticut couples, remaining focused on the financial big picture and fairness can help minimize the negative impact.

Divorce can have a significant impact on the lives of each of the divorcing spouses, the family and any children the couple might share. Divorce can also potentially negatively impact the finances of both parties, retirement accounts and the overall retirement picture. Some measures couples can take early in a marriage (and even before) to protect financial interests include a prenuptial agreement to protect assets, sharing in the management of household finances and each contributing individually to a separate account in the spouse’s own name. Some aspects of divorce and property division can be prepared for in advance, however, others will need to be addressed during the divorce process.

From simple property division to complex property division, there are a few things divorcing spouses can do to help facilitate the process. Couples are able to decide on many important divorce-related issues for themselves if the couple can agree on issues such as property division. If the couple is unable to agree, the court will divide the martial property. In Connecticut, equitable division rules are followed which means that the court will divide property as evenly as possible, taking into account different factors.

The goal of equitable distribution is that the property be divided fairly. By remaining committed to fairness, couples can reduce the length of time and cost of a divorce. A divorcing spouse’s knowledge of the couple’s finances, and the spouse’s financial outlook moving forward, can help a spouse better determine what that spouse needs in the property division process.

The end of a marriage and divorce can be an unquestionably difficult time. By remaining focused on resolving divorce-related issues, and fairness, even when it is difficult, a couple may be able to walk away after saving time, money and stress.

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