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Financial planning key to successful divorce

Some professionals choose to categorize the end of a marriage as a "life event" that can have sprawling repercussions on the rest of an individuals' life. Connecticut residents would likely agree that divorce can have many different effects on both former spouses, not the least of which stems from the financial implications of a divorce. It is for this reason that financial planning is so important to the process.

Ensuring that personal finances are in order before approaching the negotiation table is a good place to start. Even if the divorce is uncontested, it is likely that a financial inventory will be requested from both parties. Understanding how assets and debts currently stand within the marriage can cut down on the time it takes to sort out who will be responsible for, and entitled to, what debt or asset.

Updating taxes and gathering paperwork ahead of time can also cut down on delays later in the process. If both parties begin their negotiations with all of the necessary bank statements, tax returns and other paperwork in hand, it can make the process easier for everyone. If one or both individuals are unaware of what information will be required of them, learning more about this part of the process ahead of time can also be beneficial.

Divorce, like most things in life, can be strongly influenced by the amount of pre-planning that was done in advance of the actual proceedings. Connecticut residents facing divorce can benefit from external support in ensuring they are as prepared as possible for the process. Thankfully, many resources exist to help both spouses prepare not only for the divorce, but for their lives moving forward.

Source: The Huffington Post, "Sudden Wealth From a Divorce?", David A. Dedman, Aug. 21, 2014

Source: The Huffington Post, "Sudden Wealth From a Divorce?", David A. Dedman, Aug. 21, 2014

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