As one ages, there are a multitude of financial decisions to be made. Each individual must decide the amount to be contributed to a retirement account, the amount to be set aside for emergencies, the amount that can be spent on housing expenses as well as many other such financial issues. Then, when a Connecticut couple decides to divorce, these same decisions can carry even more weight.
For many, retaining the family home appears to be the goal. However, in making this decision, one needs to consider the actual cost of maintaining it. Will a one-income family be able to meet the mortgage payments and upkeep on the home? Additionally, is keeping the family home in place of other financial assets the best decision in the long run?
Another issue to consider is the amount and type of retirement accounts that both individuals maintain. While each individual may have contributed to such an account on an individual basis, this contribution was most likely made with funds that are considered marital assets. The value of these accounts will need to be taken into consideration.
When deciding to divorce, each individual will want to decide which assets are in his or her ultimate best interest. While some assets may carry with them sentimental value, other assets may actually be more financially valuable. In seeking the most lucrative financial settlement in a Connecticut divorce, one will want to analyze the before and after tax implications of each asset as well as the cost of keeping and maintaining each asset.
Source: cnbc.com, “Memo to divorcing boomers: Watch your assets”, Jessica Dickler, Sept. 9, 2016