One common mistake that some Connecticut residents may make when going through a divorce is dealing with asset division from an emotional standpoint. It is very easy for people to approach property division from a sentimental angle, but doing so can leave them with assets they cannot afford. They may also miss out on property that would have put them in a better financial position following the end of their marriage.
Two questions individuals should ask themselves before fighting for an asset are if they need the item in question and if they will be able to afford or maintain it. Someone may want to keep a home, but if they will not be able to keep up with payments and property taxes, it is best to sell it or allow a spouse to keep it.
A financial planner may be able to help determine if someone should pursue certain assets. Financial experts may be able to help individuals get a better idea of what their income will be like once they are divorced and help them determine which property will offer the most benefits based on their circumstances.
People going through a divorce may be surprised to learn just how much of a their assets are considered marital property that are eligible for division. Retirement funds, investments and life insurance policies, even if they are in an individual’s name, may be eligible for division. With the assistance of a family law attorney, someone may have a better understanding of how asset division works and what property they have rights to.
Source: Main Street, “Splitting Up Your Finances After You Split“, Nicholas Pell, December 18, 2013