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Financial planning helpful in divorce situation

Individuals approach the end of a marriage in different ways, but one general constant is often the emotional toll it can take on both parties. Sometimes, as Connecticut residents are doubtless aware, this can manifest itself in poor or rash decision-making during the divorce process. Some experts recommend learning as much as possible about what will be expected in divorce proceedings in order to be prepared for what's to come and to make beneficial decisions along the way. 

Understanding a credit report is a good place to start. Many experts recommend separating debt and closing joint accounts before entering the divorce process to ensure a credit report taken after the split will highlight an accurate picture of an individual's single finances. This can help to ensure both individuals move forward with reliable financial information. 

Additionally, seeking support in determining how to divide assets can be helpful. Connecticut is an equitable distribution state, which means marital assets are divided at the court's discretion in a fair (but not necessarily equal) way. A full understanding of the value of individual assets, both marital and premarital, can be helpful in ensuring a fair share of shared assets. 

Ultimately, divorce can be a very taxing experience. Knowing this ahead of time means Connecticut residents considering divorce are in a good position to prepare effectively for the process. Knowledge and understanding ahead of time can be the key to a fair, equitable settlement that will allow both individuals to move forward in their new lives in a positive, financially secure way. 

Source: indystar.com, "Good financial decisions vital in divorce", Peter Dunn, Jan. 25, 2015

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