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.
Each year, about two million couples in Connecticut and throughout the country get divorced. Therefore, it may be a good idea to plan for one happening even if it is something that people generally like to avoid. Preparing for a divorce ahead of time allows a person to determine if it is in their best interest to proceed with one. It can also help a person account for the time and money that need to be spent pursuing the end of a marriage.
"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.