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.
Many Connecticut residents may be familiar with former NBC personality Matt Lauer. After he was accused of misconduct at work, his personal life was affected. His wife of nearly a decade filed for divorce.
If you and your spouse contemplate obtaining a Connecticut divorce, your joint business or professional practice adds one more layer of complexity to what already may be a contentious situation. Your family business likely is not only your largest marital asset, but also your major source of family income. Consequently, deciding how to equitably divide it via your property settlement agreement probably represents one of your most pressing concerns.
Even couples who have been married for decades may not be immune to the possibility of having marital troubles to the breaking point. When the kids have left the nest and it's just two people in their big Connecticut house for the first time in forever, they both might soon realize that the kids actually kept them together. These individuals may still be young enough to start life anew and may make the difficult decision to divorce.
The writing is on the wall. No matter how hard the Connecticut couple has tried, the marriage simply will not work out. When this happens, it is time to review one's situation and take the necessary steps toward divorce.