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

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.

Second, it is wise to avoid getting trapped in one's family home. If possible, it is wise for a divorcing couple to sell their home, especially if they have owned the residence for years and thus were able to build up equity, which they can tap into for retirement. Attempting to keep the marital home might become too costly for a single individual to maintain.

When two people in Connecticut decide to get divorced, it may be helpful to go through the divorce negotiation process. This process allows the two individuals to try to find common ground when tackling issues such as property division and thus avoid further court intrusion. If it is not possible for them to see eye to eye on these matters, a judge will have to make these decisions for the couple.

Source: thefiscaltimes.com, "Don't Let a Late-Life Divorce Ruin Your Retirement Plans", Janna Herron, May 4, 2016

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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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