Families are back from summer vacations, and the kids are back in school. September also marks a time when many Connecticut couples seek divorce. Divorce is very costly, though, much more expensive than getting married. It is not something that should be taken lightly, and if it is something that the couple definitely wants to go through with, then it takes a lot of financial planning. It also takes a lot of organization and document gathering, as the issue of property division will certainly arise.
Couples will need money to divorce. They need to consider the fact that they will likely be moving out of the family home and will need new living arrangements. They also need money for living expenses, as well as money for the lawyer, at least several thousand dollars should be saved up. A short-term CD or money market account can help one achieve this goal.
Once the money is there, it is time to start keeping records of finances and assets. Income, expenses, debts and financial accounts should all be listed. There should also be records of valuable assets, such as heirlooms, jewelry and memorabilia. All this should be done as early as possible, as it becomes more and more difficult to do once the divorce progresses.
It is also important to maintain one’s credit. One’s credit score can suffer during a divorce, especially if the other spouse decides to retaliate and run up the bill on a joint account. Be sure to check credit scores and account statements on a regular basis.
Although divorce is the only way to end a miserable marriage, it comes with a hefty price tag. Not only are there lawyer fees, but money and property will be split as well. For those who are unprepared, divorce can leave a person in a financial bind.