Divorce can be a financial strain for many people, but individuals in Connecticut can prepare by understanding their financial situation and making a plan. The first step is to make a monthly budget. This will probably be short term as a person gets a handle on expenses. It may need to account for items such as getting insurance and a new place in which to live. This budget can carry an individual through the next few months before making a longer-term one.
Estranged Connecticut should be careful with their use of social media before, during and after a divorce. When people are considering ending their marriage, they should still avoid posting anything negative about their spouse on social media. They might want to consider tightening their privacy settings and removing any potential troublemakers from their friends list. They may also want to review older posts and remove anything that could be damaging.
It is becoming more common for individuals in Connecticut and elsewhere to get married more than once. According to Pew Research, roughly 66% of those between the ages of 55 and 64 who have been married in the past will get married again. Among all married couples, 40% have at least one person who is on a second or subsequent marriage. Those who are married for a second or third time may have a variety of financial issues to consider before the wedding takes place.
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.