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

Financial preparation can help when tackling property division

The process of divorce can be tough emotionally but also financially. For some people in Connecticut, it may be challenging for them to keep their heads above water while tackling financial issues such as asset distribution and property division. A few tips may make it easier for people to navigate even the most complicated divorce proceedings.

First, it is important to get all of one's documents together at the very start. These documents include interest and dividend statements, tax returns and year-end reports that credit card companies produce. It is also critical for a person to know his or her credit, as good credit enables people to qualify for mortgages, get apartments or buy cars.

A person embarking on the process of divorce may also benefit from opening his or her own bank accounts as well as credit cards. Once a separate bank account has been established, an individual can then focus on creating an emergency fund. It is important for a person to have his or her own account since, with a joint account, the other party can easily remove all cash from the account, thus preventing access to funds from the marriage.

Finally, it is important for a divorcing individual in Connecticut to assemble his or her team, which includes a family law lawyer, financial planner and even a therapist. Proper legal guidance may help two people work toward a property division or asset distribution settlement that benefits both parties. If they cannot find common ground, however, a judge will have to step in and decide these matters for them.

Source: The Huffington Post, "4 Steps to Being Financially Prepared for a Divorce", Oct. 5, 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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