It is no secret that many marital disagreements stem from money. This is particularly true in the case of divorce, as many Connecticut residents are already aware. Preparing for divorce is not just an emotional journey, though it is definitely that. It is also important to focus on financial planning to get a better ‘top-down’ picture of each spouse’s finances going into the separation process.
Income earned after the date of a formal separation may be considered individual income and typically is no longer handled under the blanket of “marital assets.” This means it is important for both individuals to open their own accounts as soon after the decision to divorce is reached as possible. This can help to simplify the division of assets, as well as prepare both individuals for life as a single person once the divorce is finalized.
Additionally, being able to put one’s hands on pertinent documents with a minimum of complication can make a difference in the efficacy of a divorce proceeding. Having printouts of documents, detailing which assets can be considered marital and which were brought into the relationship by individual parties, makes dividing assets easier. Ultimately, being organized ahead of the filing process can make all the difference.
Divorce can be a complicated process here in Connecticut. The more pre-planning that goes into a divorce, the more likely it is that both individuals will approach the negotiation table from positions of confidence and strength. This can be a key factor in putting both individuals on a road to a happier, healthier future.
Source: The Huffington Post, “Divorce Confidential: The Importance of Being Financially Savvy During Divorce”, Caroline Choi, April 18, 2014