"In sickness and in health, till death do us part." These words are a famous part of the marriage vows taken by many people in Connecticut. Even with the best of intentions, however, serious illness can place a major burden on a marriage. This may be especially true when the underlying relationship is already strained or unhappy. Many people do not contemplate the difficulties that can arise when one person becomes seriously ill during a marriage. While one may expect that divorce is more likely in case of either partner's illness, statistics show that the actual results are highly gendered.
Emotional dissatisfaction typically motivates people in Connecticut to seek divorces, but the process requires an intense examination of marital and individual finances. People from all income levels generally benefit from the guidance of financial planners and accountants. A person going through a divorce might need to find new advisers to gain impartial perspectives instead of relying on service providers hired during the marriage.
The first full week of January marks a time when divorce filings tend to surge in Connecticut and throughout the country. People like to start the divorce process in January because the new year represents a chance to get a fresh start in life. It is also just after the holiday season when some finally realize that they can't remain in their current relationships anymore.
Many couples who end their marriages in Connecticut encounter difficulties when dividing marital property. Spouses who own a business together or with other partners, however, have even greater challenges to overcome when preparing for divorce. They need to determine the value of the enterprise and make decisions about selling the business or buying out a departing partner.
Some Connecticut spouses have been pushed to escalate their divorce timelines due to changes in tax law that are scheduled to go into effect with the new year in 2019. The Tax Cuts and Jobs Act, passed in December 2017, includes changes to the way that spousal support is treated when it comes to taxation. Divorce is always costly, especially for high-income families. When one spouse significantly outearns the other, spousal support is common at least for the period immediately following the separation. This is especially true in a long-term marriage or when one partner has been a stay-at-home parent.
Many couples who get married in Connecticut believe that getting a prenup is for wealthy individuals. The reality is that more people than ever before are getting prenups for reasons besides wealth.
Connecticut couples who are going through a divorce may be able to reduce the financial burden by avoiding some common mistakes. One of those mistakes is spending too much money. Making large purchases can feel comforting in the short term but less so after the bills are due and there is only one income to pay them.
A study published in the Journal of Marriage and Family suggests that cohabitation before marriage could increase a couple's chances of getting divorced. There has long been a dispute as to whether the premarital cohabitation effect is real. However, the study authors say that over a long enough period of time, it will have an impact on couples in Connecticut and elsewhere in the country.
There is a saying that money can't buy happiness, and any affluent person who has gone through a divorce would likely concur with that statement. Having a lot of money cannot insulate couples from relationship problems.
People in Connecticut might be aware that at the end of 2017, Congress passed the Tax Cuts and Jobs Act. The changes this act makes to exemptions for children and to alimony payments means that divorce may end up being more expensive.