People who are divorcing may wonder how it will affect their student loan debt. If they went into the marriage with the debt, it will probably be considered individual property and the person who took it out will be responsible for it. However, if the student loan debt was acquired after marriage, what happens to it is less straightforward. In Connecticut, an equitable distribution state, a court will look at several factors to decide whether student loan debt is shared property and how it will be divided.
Money problems often lead couples to divorce in Connecticut. In particular, student loan debt is stressful for younger couples. According to Student Loan Hero, roughly 33% of debtors said their divorce happened because of money disagreements, and student loans were responsible in one out of eight cases.
When a couple's marriage is ending, both spouses might be covered by a single health insurance plan. A couple in Connecticut may also have purchased a life insurance policy prior to the divorce. It is important to review these policies and how they may change after a marriage comes to an end. In some cases, a life insurance policy may be considered a marital asset depending on when it was purchased.
Connecticut couples who are in committed relationships may truly care for their partners. However, there is no guarantee that their relationships will last forever regardless of their intentions. One problem that could spell the end of a union could be the fact that an individual invalidates the emotions of his or her partner. In some cases, this is not done intentionally, but it can have the same impact on the person who has experienced this.
Many people who go through a divorce in Connecticut feel ready to start a new life. While they may be anxious to do this, there are certain steps that will need to be taken in the time after the divorce has been finalized. This will protect the recently divorced individual financially and help them as they make their new start.
Those who own a home in Connecticut may believe that they can assume a mortgage in a divorce. However, this is not necessarily the case, so it is a good idea to read the mortgage document before deciding on what to do with a marital home. Since 2008, it has become less common for a mortgage to be assumable. Even if a mortgage can be assumed by another person, there is no guarantee that it will be allowed to happen.
Connecticut couples going through a divorce understand how difficult a separation can be. In addition to dealing with the emotional impact of divorce and the effects of the transition on the children, there are a number of financial issues that have to be addressed. One of the more challenging decisions is determining what to do with the marital home.
Divorce and marriage rates are shifting for many states throughout the country. For people in Connecticut, the marriage rate is one of the lowest in the country, while the divorce rate sits at just about the national average. While many people go into a marriage expecting it to last for the rest of their lives, over 1 million divorces are filed every year. Still, the divorce rate has been on the decline in the past few decades. While in 2000, 4 of every 1,000 Americans got a divorce, that number dropped to 2.9 per 1,000 by 2017.
In Connecticut, grey divorce continues to attract older married couples. Today, 25 percent of married couples get grey divorces in comparison with the 1990s when only 10 percent of couples over the age of 50 got divorced. It is a traumatic experience to get a divorce after a lengthy marriage; both spouses can experience psychological problems caused by finances and strong emotional ties.
A prenuptial agreement is one method that a Connecticut entrepreneur can use to protect a business in case of a divorce. One way of approaching a prenup is to think of it as making arrangements to divide properly fairly outside of the stressful atmosphere of a divorce. A prenup is not an effort to deny a spouse a fair share of assets but an opportunity for a couple to reach an agreement in a calm environment.