Although every divorce case carries different circumstances, each state has different laws regarding them. However, Connecticut residents may be aware that most state laws require assets to be distributed equitably as part of the process. Those seeking a divorce need to prepare for the proceedings in order to increase their chances of getting the fairest settlement possible, especially if they are involved in a high-asset divorce.
A few simple steps can help those preparing to enter into divorce negotiations; the more specific an individual is in identifying his or her assets, the greater the likelihood that those assets will be awarded fairly, particularly since they are usually distributed on a percentage basis. It's important to gather all paperwork regarding one's personal assets and liabilities, including all documents like insurance policies, lawsuit records and real estate documents.
Those preparing for divorce should also work on establishing their own credit as well as alerting those credit card companies with which they have had joint accounts with their spouses. However, some may recommend an interim system in the form of an escrow account for the sole purpose of taking care of expenses until the divorce becomes final. Other preparations are encouraged as well, such as establishing child support, planning for the children's college tuition and negotiating retirement benefits.
The suggestions provided are meant to serve as a limited list; an attorney could provide additional guidance by answering questions regarding issues such as asset valuation and complex property division. Such information might help Connecticut residents make more informed decisions and may enable them to prepare more thoroughly as far as reaching an equitable divorce settlement is concerned.
Source: Huffington Post, "We're Getting A Divorce, Now What?", Linda Descano, July 29, 2013