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

Property division among critical finanical matters during divorce

Knowing what steps to take during a divorce in Connecticut can be confusing, particularly if someone has a large number of assets and/or high-value assets. One mistake with regard to asset or property division can be detrimental, with the money moves that people make during a divorce proceeding having long-lasting impacts. A few tips may help people to dissolve their marriages while staying on firm financial ground.

It is important before divorce proceedings commence to update one's budget. This process involves outlining one's post-marriage finances. Understandably, expenses usually increase when people split up their joint insurance plans, cellphone plans and household-related costs.

People going through divorce would also be wise to update their beneficiary designations associated with their annuities, retirement plans and life insurance policies. Changes to legal documents such as a will and powers of attorney may also be necessary to reflect one's current wishes. Finally, makes sense to clean up tax filings from previous years, as a person might be held liable for tax-related obligations incurred while he or she was married to the other party.

A Connecticut divorce can be complicated, not just emotionally but also monetarily. Failure to take the necessary precautions can have a negative impact on one's financial situation long term. Individuals confronting these important issues have the right to seek appropriate legal guidance regarding the splitting of assets, property division and other related matters. Parties who are able to work out their differences through divorce mediation or directly at the negotiation table are typically able to achieve a fair and comprehensive settlement.

Source: Forbes, "USAAVoice: Divorcing? 6 Ways To Keep Your Financial Footing", July 29, 2015

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Berchem Moses PC
75 Broad Street
Milford, CT 06460
Phone: 203-783-1200
Fax: 203-878-2235
Milford Law Office Map

Berchem Moses PC
1221 Post Road East
Westport, CT 06880
Phone: 203-227-9545
Fax: 203-226-1641
Westport Law Office Map