If Connecticut residents who have been through a divorce are asked what, in their opinion, was the most difficult and emotional part of their divorce, the answer would probably be split between child custody and asset division. Both of these are very important aspects of a divorce and need to be discussed in depth by both spouses. If both parties are organized and have the relevant information prepared, a fair division of assets may be achieved.
A list of assets owned by each spouse should include items like personal property, cash and bank accounts. Other significant details may include investments, real estate and collectibles. A list of liabilities is as important as a list of assets. Once a couple has decided on who will keep items like a family home and vehicles, the mortgages and loans on vehicles would typically be allocated to the spouse keeping the asset. Other liabilities, such as credit card debt, can then be added to the list.
An organized and detailed schedule of regular expenses, including day-to-day, monthly and annual expenses, will be required. This may also be a good time to draw up a list of all sources of revenue, including earnings from employment and investments. This information will be vital when decisions about child and spousal support are made.
Once all the necessary information has been accumulated, each spouse may have a clear understanding of his or her financial situation. This may be an appropriate time to retain the services of consultants to provide guidance through the intricacies of a Connecticut divorce. With the legal guidance and support of the right team, a suitable settlement is sure to be attained with less emotional strain.
Source: cnbc.com, Getting divorced? Get organized first, Valerie Adelman, Mar. 9, 2014