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Hartford Divorce Law Blog

The 4 main ways people hide assets

During a divorce, your spouse may attempt to hide assets to keep them from you. This is not legal, but it does happen, especially when there are a lot of assets on the line and when one spouse has more knowledge about the couple's financial picture than the other.

Now, your spouse may get very creative if they try to do this. It depends how much time and effort they put into it and how much they're trying to hide. However, experts say that most people do one of four things:

  • The create fake debt in order to make the assets they control appear less significant.
  • They claim that they lost an asset that they used to control.
  • They simply deny that the assets existed in the first place.
  • They give the assets to someone else, allowing the third party to take ownership -- likely on a temporary basis.

What children's teachers want to tell divorced parents

The only person who has a relationship with your child that comes anywhere near your own may be your child's teacher. They spend all day together, five days a week, and the power and authority dynamics can be similar.

If you get divorced, it is often wise to let the teacher know what is happening. It can impact your child's behavior and some very practical aspects of their life, like who picks them up when the school day ends. It's important to keep teachers in the loop.

The downsides of a post-divorce family vacation

Have you read the stories about celebrity couples going on vacation together after they get divorced? Maybe you think it sounds like an excellent idea. You and your ex had always talked about taking the kids to Europe for a few months over the summer. Why not do it together? Then you don't have to fight over custody time, you both get to stay involved, and you can make some great memories that the children will cherish.

That is possible, and some couples have found success with this idea. However, there are also some downsides that you need to consider.

How to engage with your kids when you have custody

After your divorce, you and your ex plan to share custody of the children. You are well aware that means you will not see them as often as you used to. They may spend every other week with your ex. You may see them just over the weekends. It depends on the specifics of your schedule, but the fact of the matter is that you have less time together.

As such, you really want to engage with them when they're with you. You want to make every day and every moment count. How can you do it?

What can you do if you're worried your ex will abduct the kids?

When you think of children being abducted, odds are that you think of news reports about strangers luring them into vehicles and kidnapping them. While this certainly does happen, do not assume that's the only way it occurs. A lot of abductions are actually carried out by family members, specifically the parents of children after a divorce.

For instance, maybe your ex wanted full custody of the kids, hoping you would never see them again. Your ex has family overseas. When you got joint custody, the first thing you worried about was that your ex would load the kids onto a plane, fly to another country and never come back. Would they really do that just to spite you? What can you do to prevent it?

Why do successful, rich people get divorced?

If you read enough divorce analysis papers, you'll find that a lack of money often leads to divorce. It just creates too much financial stress. The marriage cannot take it. Trying to live off the income of one person who makes minimum wage slowly ruins that relationship.

However, that does not mean that being rich insulates you from divorce completely. Many successful people who have amassed great wealth -- millionaires and billionaires -- still wind up ending their marriages. This shows that money alone isn't the problem. These are people with enough money to be more than secure for the rest of their lives even if they never worked again, and yet they still get divorced. Why is that?

Tips for working through a child custody battle

In an ideal world, child custody should never be a battle at all. It should be two people working together to figure out how they can both stay involved with their children and share the responsibility of raising them.

Of course, this is not an ideal world, and things do not always go that smoothly. If you think your situation could get complicated, here are some tips to help you work through it:

  • Think honestly about what you can really do. For instance, do you really want to fight for sole custody if you have a job and many other obligations, making it easier for you to share custody?
  • Always respect your ex. You don't have to be in love, but you need to be civil. Focus on working with one another, not working against one another.
  • Stay involved with the kids. Work toward building up strong relationships. Go to their events at school or their sporting events. Put time and energy into being the best parent you can be whenever you're with them.
  • Craft a real custody plan that addresses significant questions. Where will the children sleep? When will you do the exchange? How can you make everything easy for them? How are you going to divide the costs?
  • Accept advice. Talk to people who have been through this. While every situation is unique, you can learn from their experiences and make better choices as a result.

Money, gender roles and divorce

We know well that money plays a role in divorce. Many studies have looked at financial stress in marriages and how it can lead to the end of those marriages.

This gives rise to the idea that a high asset divorce would never have to do with money. After all, the wealthy do not often have the same stresses over not being able to pay the bills or not being able to afford health care. They don't worry about not being able to make ends meet or wonder where their next paycheck is going to come from.

Is lump sum alimony a good idea?

Your spouse has to pay you alimony after the divorce. You assumed that meant monthly payments. It can, but your spouse is asking to pay you a lump sum instead and be done with it.

Is that a good idea? Should you take all of the money up front or ask for it to be spread out? While all situations are unique, here are a few reasons why the lump sum may be to your advantage:

  • If you find your own financial success after divorce, you already have the alimony money. For instance, if you land a high-paying job a year into a five-year monthly alimony plan, your spouse may ask to cancel those payments since you don't need support. If you took the lump sum, you don't have to worry about it.
  • The opposite is also true. If your spouse loses their job or runs into other financial difficulties, they could ask to stop making monthly payments or at least reduce the amount. With the lump sum, you have the money in hand and it doesn't matter what your spouse's financial future looks like.
  • If you are at all worried that your spouse is going to violate the court order and refuse to pay on a monthly basis, taking the lump sum eliminates that complication. It allows you and your ex to cleanly cut ties with one another and move on with your lives.

What is the average income in Connecticut?

When dividing property during divorce, your household income becomes very important. To start with, you must fully understand what assets you control in order to divide them fairly. On top of that, you need to budget for your post-divorce life, and that starts with an understanding of what your income will look like after the split.

With this in mind, here are a few key statistics about income in the state:

  • The average household income clocks in at $106,014.56.
  • The median household income tells a slightly different story, however, coming in at $80,336.00.
  • There are 360,017 people in the state who live below the established poverty level.
  • On the other side, there are over 3.08 million people who live above that level.
  • The average income for those who are under 25 years old is less than $40,000 per year.
  • Between 25 and 44 years old, it jumps all the way up to $90,000.
  • It rises again for those between 45 years old and 64 years old, reaching nearly $100,000.
  • For those over 65 years old, it declines sharply, falling all the way to just over $50,000 per year.
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