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Berchem Moses PC
  • Milford 203-783-1200
  • westport 203-227-9545

Finances can be affected by assets, property division in divorce

During the dissolution of a marriage in Connecticut, people are often focused on getting to the end of the process and, at last, finalizing the divorce. However, even after the divorce has been finalized and issues such as property division and asset distribution have been addressed, a person must still work to secure his or her financial future. Couples who are going through divorce can shield themselves financially in several ways after splitting up with a spouse.

First, it is expedient to create a new budget in order to balance one's expenses with one's income. This is particularly essential for those who have new child support or alimony money coming in. Revising beneficiary designations on retirement accounts and life insurance is also an important step following divorce. If individuals fail to do this and they have their ex-spouses listed as beneficiaries, their benefits could end up going to their exes when they die.

Revising a will is also an important step for making sure that an ex is not entitled to distributions when one dies. Also, if one party is required to keep life insurance on his or her ex based on their divorce settlement agreement, a method must be in place in order to make sure that this is taking place. Newly divorced individuals would also be wise to review their divorce documents to ensure that assets awarded as part of the settlement have appropriately been distributed.

Divorce involves many steps in Connecticut, both during and after the process. Thus, it is understandable for people to feel overwhelmed and not know where to start, particularly when dealing with complex matters such as property division. Proper legal guidance may help couples who are getting divorced to make educated decisions as they strive for a settlement that will be in their best interests long after the divorce has been finalized.

Source: The Huffington Post, "7 Steps To A Better Financial Future After Divorce", Brittany Wong, June 15, 2015

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Berchem Moses PC
75 Broad Street
Milford, CT 06460
Phone: 203-783-1200
Fax: 203-878-2235
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Berchem Moses PC
1221 Post Road East
Westport, CT 06880
Phone: 203-227-9545
Fax: 203-226-1641
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