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Consider long-term effects of divorce in settlement

For many Connecticut couples whose marriages are ending, the idea of divorce is about nothing more than finding out which soon-to-be ex-spouse comes out on top in the division of assets. Unfortunately, a number of couples at or near retirement age can find themselves embroiled in a battle about property and money when there are other, bigger concerns that overshadow even a high-asset divorce.

One aspect many divorcing couples fail to understand is that the ramifications of the action can last a lifetime. Retirement plans are thrown out the window and each party must separately consider what he or she will do once the ideal age arrives. In addition, many of the sentimental items coveted in divorces that happen after many years together can actually be hard to liquidate and serve as an anchor weighing down the person who receives them in the split.

Experts say the key to a divorce with the least painful outcome over time is to consider the long-term effects rather than short-term wants and needs. The best way to achieve this goal is to actually work alongside each other as ex-spouses to come up with an agreement that benefits all parties involves, especially any minor children still living under parental care.

A collaborative proceeding can help keep a couple out of a combative affair that ends with a ruling by a judge who does not know either party or any underlying need or situation. With the assistance of a family law or divorce attorney throughout the process, both parties involved will have a better chance of ending up with an outcome that helps everyone move forward in life more smoothly.

Source: Market Watch, "Divorce isn't just about the money grab", Larry Stein, July 28, 2014

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