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Preparing financially for divorce

On Behalf of | Feb 4, 2016 | Divorce |

There are many possible divorce issues that a couple can face during the course of their settlement negotiations. However, financial issues often top the list in terms of stress and rancor. Connecticut residents who have experienced divorce already know that coming to the negotiation table prepared to handle financial issues is a good way to ensure a divorce takes less time and is less stressful for both involved. 

A lot of people are not as versed in the language of debt as they could be, particularly where divorce is concerned. While it is true that a court may order one or the other spouse to pay down an existing debt, the reality is the creditor will hold responsible whomever’s name is on that debt. This means if one spouse is court-required to pay down a credit card debt but fails to make the minimum payments, the spouse whose name is on the card could suffer credit problems as a result.

Of course, these sorts of financial issues can be very complicated for those who have not dealt with them before. For these people, seeking out expert help in the form of financial planners and even divorce attorneys can bridge the gaps in their knowledge. Their wealth of experience can mean the difference between an uneven settlement and an equitable one. 

Divorce can be a challenging process, as some Connecticut residents already know. But understanding the finances both on the individual and marital levels can make a huge difference in how a divorce plays out. Seeking out the appropriate support means both individuals can move forward happier and healthier in their new lives. 

Source: The Huffington Post, “8 Tips to Keep From Being Taken Advantage of Financially in Divorce”, Karen Covy, Jan. 29, 2016