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Posts tagged "Divorce"

Women find financial surprises in divorce

According to a survey conducted by online marketplace Worthy, 46 percent of women who'd gone through divorce reported that the process included some financial surprises. The end of a Connecticut marriage brings with it emotion and stress for the parties involved. Being prepared for potential surprises can make the process smoother and relieve women who are divorcing of some undue stress.

Retirement readiness is often affected by divorce

There are many financial complications that can accompany divorce, especially for Connecticut residents who decide to end a marriage later in life. While the American divorce rate is no longer rising, this is not true for people over 50. Between 1990 and 2010, the divorce rate among this group has doubled, and the trend is continuing. When people divorce later in life, they have less time to regroup financially. In addition, retirement funds are often split in a divorce. This can hinder retirement plans for many people aged 50 and up.

Planning alimony in 2019

As any recent divorcee in Connecticut will testify, an integral part of the separation proceedings is figuring out the size and conditions of alimony payments. This is all the more pertinent thanks to the fact that alimony payments are governed by ever-changing laws.

Spousal support could be affected by tax law changes

From property division to spousal support, financial issues have been some of the most significant factors for Connecticut couples going through a divorce. Alimony payments are already a contested issue in many divorces, leading to lengthy negotiations and even court battles. Spousal support issues could become even more complex, however, following the adoption of changes to the U.S. tax code in Dec. 2017.

Contempt may precede a divorce

There are a few key communication patterns that may determine if a Connecticut couple is likely to get a divorce. However, showing contempt toward a spouse may be the most likely indicator that a marriage is not going to work out. Those who show contempt toward a partner may be saying that they don't respect them or think highly of them.

Holidays can be challenging for divorcing parents

For people in Connecticut dealing with divorce or separation, it can be an emotionally draining process at any time of the year. The winter holidays, however, can be a particularly challenging time for people coming to the end of a marriage, particularly parents who are working to share time with their children. Dealing with parenting plans and child custody issues while also navigating family dinners and religious celebrations can add stress to the holidays. However, divorcing parents can take some proactive steps to care for their children's emotions, and their own, during the holidays and on an ongoing basis.

Divorce and splitting retirement accounts

When Connecticut couples divorce, one piece of property they may need to divide is a retirement account. This might be what is known as a qualified plan, including a 401(k), or it might be an IRA or another non-qualified plan. There are different regulations for dividing these types of accounts.

Establishing separate credit histories in a divorce

For many divorcing couples in Connecticut, separating finances can be complicated. Once they are done with the process, however, they'll be able to begin building individual credit histories. If a person has a line of credit with the spouse named as an authorized user, that spouse should be removed. This should prevent the spouse from being able to run up bills in the other person's name.

Special issues in gray divorces

In Connecticut, older people are divorcing at increasingly higher rates. According to Pew Research, the divorce rate for people older than 50 has doubled in the last couple of decades. When older people divorce, they are left with added concerns because of the limited time that they will have before retirement. If they do not plan well, they may be forced to remain in the workforce for much longer.

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