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Berchem Moses PC
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Connecticut Divorce Law Blog

Asset, property division can pose financial challenges

In the U.S., over 800,000 couples decide to divorce every year. Divorce in Connecticut and other states unfortunately brings both emotional baggage and financial challenges, particularly when a couple has to deal with property division and the distribution of assets. A couple of tips may help people to navigate the financial aspects of the divorce process.

First, if a couple has debts, it is essential to specify in the divorce agreement which person is responsible for which debts. The clarification needs to include both joint debts and individual accounts. If both people's names are on a debt and one person fails to pay this debt, the creditor very well may come after the other party.

Collaborative divorce may help with addressing property division

The divorce process can easily be acrimonious if two people are unable to see eye to eye on how to divide their shared property, for instance. However, an alternative to divorce litigation in Connecticut may help a couple to achieve a resolution regarding property division without further court intrusion. One common alternative is collaborative divorce.

In a collaborative divorce, two people work out a settlement without having to go to court. This is essentially a team approach to dissolving a marriage. In this type of divorce, neither party can threaten to go to court.

Tackling property division in divorce quickly may be wise

Contested divorces in Connecticut can be trying both emotionally and financially. One reason a couple may choose to stay in a toxic marriage is because they feel they do not have enough money to get divorced, especially when they cannot agree on matters such as property division. However, there are a couple of major situations where a couple simply cannot afford not to get a divorce.

First, it is wise to get divorced if no chance of reconciliation exists. It may be worthwhile for a couple to complete therapy and try to make their marriage work. However, sometimes it simply will not work. In this situation, it is wise to move forward with the divorce process so that one can start to live life on one's own terms.

Delaying home buyout possible when tackling property division

One of the most challenging aspects of a divorce is dealing with the division of assets in Connecticut. This is especially true if the two people getting a divorce cannot agree on how to address property division when dealing with their biggest asset: the marital home. A couple of tips might help the parties tackle the dissembling of the household in as fair a way as possible.

One option when dealing with the family home is to arrange for delaying the buyout of the home by one spouse. In this situation, one spouse stays in the home and keeps monthly payments on the mortgage until he or she is in a financial position to buy out his or her future ex. Sometimes the spouse might decide to stay in the home and continue making payments until the children move out and he or she is finally ready to sell it.

Asset, property division may involve intellectual property assets

About half of all marriages in the United States end in divorce. Thus, properly identifying and allocating marital assets during the process of asset and property division is important for preserving a person's well-being post divorce. A few tips may help people to uncover all assets during a divorce proceeding in Connecticut.

Tangible assets, such as real estate and bank accounts, are usually pretty straightforward to value and identify. However, intellectual property assets, including trademarks and copyrights, are a lot more difficult to value and identify. These are intangible assets, which also include software, patents and trade secrets.

Property division among matters to tackle during divorce

Divorce in Connecticut can be painful not only emotionally but also financially. The negative financial consequences of divorce may be even greater for individuals who get divorced when they are older. A couple of tips may help people, particularly those divorcing later in life, to protect their interests when dealing with matters such as property division and asset distribution.

First, when a person decides to get a divorce, he or she may decide to work beyond retirement age, especially if the divorce happens after the person has turned 50. It is recommended that people work as long as they can to cover the costs of their ongoing expenses. This allows a person to build up his or her savings for the moment that he or she cannot work any longer.

Video - Our Work in Labor & Employment Law

Choosing the right lawyer for a sensitive employment law issue is important. In fact, a consultation with an attorney may go a long way toward achieving cost-effective solutions for your organization.

Our firm's labor and employment practice group offers a number of proactive consultations and preventive education formats. We assist management in developing employment contracts and employee manuals that clearly define the rights of all parties. We can even perform employment audits to alert our clients to potential rule violations. We have found that a collaborative approach to the bargaining table may keep disputes out of the courtroom. 

Video: Representing Municipalities

Recent media coverage of alleged police excessive force is just one example of the many pressures facing municipal leaders. Municipalities are subject to an incredibly vast array of laws.

Consider just a brief list of some areas where laws impact municipal actions: land use and zoning, development, public utilities, housing, employment and labor disputes, elections, Freedom of Information Act requests, and/or other regulatory compliance issues. Small wonder, then, that municipal leaders turn to the effective legal counsel of a firm that focuses on municipal law, like ours.

Common mistakes occur during divorce involving property division

Divorce is understandably one of the most stressful times of a persons' life because of all of the emotions and finances involved. Not understanding the process or one's rights when it comes to areas such as asset distribution and property division can unfortunately lead to mistakes. These mistakes can be costly during the divorce and even over the long term for an individual in Connecticut.

One mistake often made during a divorce proceeding is thinking that one can just make a guess about financial information. Failure to be accurate with one's figures may cause one to lose thousands of dollars. After filing for divorce, people must submit information regarding their incomes, bank account totals, living expenses, mortgage payments, retirement and investment account totals, child-related expenses and credit card debt. Overestimating or underestimating financial totals can have a direct impact on the division of marital debts and assets as well as on the calculations done for child support and alimony.

Drew Barrymore and Will Kopelman already working on child custody

People in Connecticut might know actress Drew Barrymore from her starring roles in films like "Scream" and "Never Been Kissed," but more recent headlines focus on her divorce rather than her pedigreed acting prowess. Barrymore and her husband, Will Kopelman, have been married for four years and share two daughters. The couple has reportedly already been discussing child custody arrangements.

Those close to Barrymore and Kopelman admit that the couple had experienced marital issues for quite some time. An ongoing issue was apparently related to living arrangements, with Barrymore wanting to move the family to another state. In a past interview, Barrymore also admitted that their marriage did not necessarily focus on their relationship, but rather on their 3 and 1-year-old daughters.

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