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

Addressing property division can be overwhelming during divorce

Apart from child custody matters, the financial effect of divorce is typically the most unsettling aspect of ending one's marriage. Many people simply do not feel confident with regard to handling finances while they are married. Adding the dissolution of a marriage into the equation makes the matter seem even more intimidating. A few tips may help those facing these concerns in Connecticut to effectively address divorce-related financial matters, including asset and property division.

First, it is critical that people know their liabilities and assets. It helps to begin by writing down everything owned and everything owed. Most liabilities and assets accumulated during a marriage are considered marital debt and property. In Connecticut, an equitable distribution state, if the couple cannot successfully negotiate the division of their marital property and debt, their debt and assets will be divided by the court in a fair and equitable manner. In doing so, the court takes into consideration various factors, such as each spouse's earning potential.

It is also important to manage any joint accounts closely during divorce. Both spouses may benefit from working together to pay down their debts so as to lower their liabilities. In addition, it would be expedient for a person going through divorce to check his or her balances regularly as well as close any joint accounts when possible. After all, a spouse who is behaving badly might suddenly decide to run up a credit card or withdraw funds from a joint account.

Even though the financial aspect of a divorce can be complex, proper legal guidance in Connecticut may help people through the process. Both parties may benefit from addressing matters such as property division at the negotiation table to avoid unnecessary court intrusion. If they cannot resolve these matters on their own, however, the court will have to make decisions regarding these issues for them.

Source: The Huffington Post, "7 Financial Tips for Women Facing Divorce", Jennifer Leighton, Dec. 1, 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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