It is no secret that finances can be among the most contentious issues faced by individuals embarking on ending their marriage. Leaving aside the financial cost of divorce, Connecticut residents can agree that fighting over money is a commonplace event for separated couples. Thankfully, there are ways for both parties to be better prepared for the challenges they will face on the road to single life.
Some of the best plans for the future begin the same way: by making a list. In the case of finances, it is a good idea to sit down either alone or with a spouse to determine the state of the couple’s finances, both individually and as a married unit. This can include credit card debts, 401k plans and any other assets and debts accrued independently and during the course of the marriage.
In addition, thinking ahead to the far future is equally important. Often couples who are married list one another in their wills, retirement plans and as powers of attorney. Obviously, in a divorce situation, it makes sense to change the beneficiaries and executors of an estate, though it is easily forgotten in the heat of a contentious divorce battle.
Ultimately, planning ahead can be challenging for both parties involved in a divorce, but its importance cannot be overstated. Thankfully, Connecticut residents have many options when it comes to professional support in planning how they will protect their finances during their separation. Legal and financial assistance can help to ensure that both parties move forward in a positive direction once their divorce has been finalized.
Source: New York Daily News, “5 easy steps to protect your money in marriage – and divorce”, Pam Friedman, Feb. 4, 2016