Even though it is difficult to pinpoint exactly how many marriages end in divorce, many experts agree that the percentage hovers near at least 40 percent. With that many people ending their marriages, it is surprising that people are not more prepared before they file for divorce. Connecticut residents who are contemplating divorce may want to consider getting their affairs in order before filing.
Without a clear understanding of the family’s current financial picture, it may not be possible to effectively negotiate a settlement. Taking the time to inventory the assets and liabilities of the family is essential. This list should include everything from the dishes in the china cabinet to the marital home and retirement accounts. Along with that list, copies of important documents attached to each asset and liability need to be made.
Some individuals attempt to hide marital assets in an attempt to avoid sharing them in the divorce. Without a thorough knowledge of what is separate property versus marital property, he or she may get away with it. If it can be proved that the other party absconded with certain marital assets, a Connecticut court may impose penalties on him or her.
Going through a divorce is undoubtedly an emotional time, but those emotions can keep a party from leaving the marriage with everything to which they are entitled. Few people would dissolve a business without being sure to receive their fair share of the business’s assets. Divorce can be viewed the same way. Property division is one of the largest issues in a divorce, and it is not only because the marriage is ending, but also because each party is about to start a new chapter in their individual lives and deserves to do so in the best financial position possible.
Source: The Wall Street Journal, “How to Plan for a Divorce”, Veronica Dagher, Sept. 6, 2014