Spouses may never expect their marriages to fall apart, but such things happen. The subsequent divorce process in Connecticut courts might bring more unexpected and complicated steps. Dissolving a marriage is a legal process that comes with numerous responsibilities, including financial concerns. Divorcing spouses need to avoid mistakes that could harm them financially.
The most pressing issues
Connecticut is not a community property state, so the divorce process may involve settlement negotiations that focus heavily on the division of assets. The two parties might have different ideas about what constitutes an equitable division of assets, so negotiations and bartering might take time. Mediation could help move things along at a more efficient and less costly pace.
Both parties may benefit from being realistic about their financial matters, especially when addressing real estate. One spouse might feel incredibly attached to a particular property, but sentimental reasons could result in financial hardships. Homes come with many expenses, some unexpected. Perhaps insisting on keeping a house may be the wrong financial decision.
Further financial issues during a divorce
Budgeting for living expenses may lead to requests for spousal maintenance. Alimony negotiations may not result in an agreement, so the court would ultimately decide on an amount, if any.
Financial decisions during divorce might also focus on debts. “Who owes what and who will pay the obligations?” are questions that require a resolution. Debts could involve secured debts, unsecured debts and taxes. Settlements may result in agreements for one or both parties to pay the debts owed.
Moving on after divorce may be easier for everyone when the financial issues are all considered before a final settlement is issued. Calculating a post-divorce budget to determine what to ask for during negotiations is a helpful part of the process.
