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Dealing with divorce requires handling money issues

In a divorce, there are many issues that must be dealt with in order to ensure the financial security of both parties moving forward. Connecticut residents who have been through the dissolution of a marriage may already be aware of the complexity of some of these issues. It can be extremely important to the goal of a successful settlement to bear these issues in mind both during the divorce and afterward. 

Reviewing certain documentation is the first step in updating critical information. For example, identifying beneficiaries in wills, life insurance and other such documents might be prioritized. Thankfully, this process is relatively simple and can usually be easily handled through banks, employers and other involved parties. 

During a divorce process, couples are often encouraged to close joint bank and credit accounts as part of asset and debt division. If not, it can be vitally important to take care of any joint accounts as soon as possible following a divorce. Checking credit scores and reports while the divorce proceedings are pending can help to ensure a spouse's spending habits will not affecting an individual's finances in a detrimental way once the divorce has been finalized. 

There is no denying that divorce is a complicated, sometimes emotionally challenging process.  However, as with most things, ensuring an understanding of one's rights and responsibilities under Connecticut divorce law can go a long way to smoothing an otherwise difficult transition. Money matters can be particularly stressful, so seeking support in determining next steps to deal confidently and correctly with these issues may be a good idea. 

Source: Forbes, "6 Key Money Matters After You Divorce", Leslie Thompson, Jan. 8, 2015

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