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Financial tips when considering a divorce

| Jun 9, 2017 | Divorce

Connecticut couples who are getting a divorce may be concerned about how it will affect their finances. Those who are unfamiliar with the family finances will need to get a handle on expenses. This includes making a budget, which among other things will be important in considering how assets and debts will be divided. People should also gather as many financial documents as possible including bank and investment statements, tax returns and other information on assets and debts.

Other people may be eager to offer well-meaning advice. However, it may be best to stick to advice offered by professionals such as attorneys and certified divorce financial analysts.

It is also important to prepare for the possibility that the other spouse may be resistant. If one spouse tries to withhold financial information, it could be necessary to turn to a legal solution. People should not make any major financial decisions at this time. Changing wills or beneficiaries should only be done after the divorce is final or with the approval of the court. Spending should be conservative, and if accounts are joint, couples might be able to work out an agreement about how to manage money in this time.

Property division might involve many assets, including multiple homes, investments and businesses, or it might be a fairly straightforward process. If there are debts, people should be prepared for the possibility that the court may consider these joint marital property as well. People who have not worked outside the home or whose income is much less than the other spouse’s might receive spousal support payments for a certain amount of time, and the noncustodial parent might have to pay child support as well.