Many people view a divorce solely as an ending; the end of a relationship, a partnership and the shared family home. However, a Connecticut divorce is also a new beginning and opens up both spouses to the chance for a new life that is structured around their own individual wants and needs. To that end, the financial decisions spouses make during their divorce process must be carefully considered and made with an eye to the future.
One mistake that many divorcing spouses make involves using the divorce process to punish their partner. However appealing this route may seem at the onset of the divorce, in reality it is a short-sighted goal that often causes the embittered party to lose focus on securing long-term financial stability. It is important to go into a divorce process with the understanding that bad behavior on the part of your partner will not influence the fair division of assets.
At the onset of a formal divorce proceeding, or even in the months leading up to the actual filing, it is a good idea to take stock of your financial standing, both as a couple and as an individual. Knowing where you stand in regard to finances and assets is the best way to ensure that you walk away from a partnership with a fair and equitable division of those assets. It is also important to obtain and review copies of your credit report at this time, and to take some time to bolster your credit rating.
The most important piece of financial advice for Connecticut couples who are going through divorce is to try and focus on the future, instead of making decisions based upon the past. By making an effort to make sound financial decisions during the negotiation process, spouses will be much better positioned to move forward in their new lives as singles with financial security and stability. Consider finding a divorce professional who can help you navigate the divorce process and protect your interests, and whose advice you value and trust.
Source: ChicagoParent.com, “Four ways to protect finances in a divorce,” Lela Davidson, Oct. 5, 2012