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Fiscal implications of divorce far-reaching in Connecticut

On Behalf of | Sep 3, 2013 | Divorce |

It is a well-documented fact that separations can be financially costly, but the long-term implications of an ended marriage can be even more involved. Some experts have warned Connecticut residents that dissolution of wealth as well as pensions can be influenced by divorce scenarios. It is recommended that both parties understand their rights and how their assets will be divided prior to approaching the negotiation table.

In situations in which couples have accrued a substantial amount of material wealth, quite often the dissolution of that wealth is written into wills and other agreements well ahead of time. However, when couples divorce before those wills can be exercised, it means the familial wealth can conceivably end up in multiple hands, perhaps more than originally anticipated. This lends credence to the idea that a family’s fortune can be lost inside three generations — perhaps less in the modern era.

Additionally, pensions tend to be the largest shared asset outside a family home when a divorce is sought. In cases in which one member of a separating couple does not work, a portion of that pension will have to be set aside to see to their life needs. There are a variety of ways to approach this issue, depending upon the desires of both parties.

Ultimately, the financial implications of divorce are far-reaching and potentially damaging to families farther down the line. It is vital for Connecticut residents to be educated in the divorce law of their state. In this way, both parties can reach an amicable understanding in relatively short order.

Source: Money Observer, The financial implications of divorce, Penny Lovell, Sept. 2, 2013