Going through a divorce can make for a tough time, emotionally, for any Connecticut couple; however, many find that the division of assets can be a challenging matter in itself. When a divorce proceeding starts without warning, assets could take longer to divide if they are tied up in home mortgages, loans or credit card collateral.
In fact, some separating couples who have already had their divorces finalized find that some aspects of the asset division are unfinished after many years. For example, a retirement fund or 401(k) payout in a contentious divorce could remain mired in legal proceedings well after a judge signs off on the final agreement, leaving neither party privy to the final outcome.
Financial experts advise couples to make legal and binding agreements regarding the status of joint retirement plans and other funds in order to speed the process along. Unfortunately, these agreements do not affect company-run retirement accounts that involve more parties than just the separating couple, and relying on a payout from this type of fund to start a new life, buy a home or purchase a car can be risky. This situation is especially complicated for a spouse who is dependent on the other party’s income since the person could be left with a home or vehicles that he or she may no longer be able to pay for.
Home loans, mortgages, retirement plans, savings accounts and other financial complications can turn a simple divorce into a situation warranting complex asset division. A family law attorney may be able to help an individual with a high financial stake in a high-asset divorce proceeding to protect the assets they are entitled to.
Source: Pittsburgh Post-Gazette, “Divorcing couples face sea of potential issues when dividing financial assets“, Tim Grant, September 02, 2013