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Understanding the financial implications of a divorce

The breakup of a marriage is often an unfortunate and difficult situation. Many Connecticut residents find that a marital split may be the only way to save their sanity, while others find the desire to divorce one-sided and sometimes are left feeling emotionally and financially used. One man in another state is feeling exactly that when his wife of only two years asked for a divorce after her debts had been paid by the hard work and financial bestowment of her soon-to-be ex-husband.

Connecticut is known as an equitable distribution state when it comes to marital assets and debts. The goal is to divide them in a fair and equitable manner. A Superior Court judge will oversee the divorce and will supervise the division of assets and debts. While the intent is for the property division process to be fair, it does not necessarily mean that everything will be divided equally. 

Divorce courts may decide to divide the marital property and nonmarital property. The nonmarital property, which consists of the assets each spouse brings to the marriage, may be divided up as well if the court determines that all or part of it was commingled with martial property. Judges usually award spouses their separate property, but that is not always the case. Retirements accounts are also not exempt from property division, so sharing those hard-saved dollars to retire on nicely may have to be shared.

A divorce does not have to leave a spouse in financial distress. Seeking a Connecticut attorney prior to marrying to obtain a prenuptial agreement can save the expense and pain of hashing out financial loose ends should a divorce occur. Even if a prenup was not executed, a savvy family law attorney can help a client successfully navigate the process with confidence.

Source: marketwatch.com, "I paid off my wife's student loans --- then she filed for divorce after two years of marriage", Quentin Fottrell, April 24, 2018

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Law Office of Robert A. Skovgaard
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Stamford, CT 06905

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