Connecticut residents who are contemplating a divorce may be interested to learn about some of the most common financial mistakes spouses make during and after the process. Recognizing one's current financial situation and the potential pitfalls that are inherent in it may give a spouse more of an advantage during the settlement process.
How Connecticut sets spousal support levels
In the state of Connecticut, the support payments that are awarded to one spouse may have an impact on how marital property is divided. This makes is imperative for couples to try to work together to arrive at agreements they can both live with. If the courts are forced to play a role in the division of property and determination of spousal support awards, they will look at specific criteria.
How property is divided in a Connecticut divorce
When Connecticut spouses divorce, their marital property and debt is often divided by mutual agreement. However, when an agreement cannot be reached, the property is divided by order of the Superior Court. Such orders are typically issued as part of a decree resolving the marriage.
High-asset divorce may be fraught with complex asset division
Divorce, as many Connecticut couples know, may be simple or complex. Asset division sometimes becomes more complex when the value of the assets increase and is not easily determined. For some high-asset couples, hiring a forensic accountant makes determining what assets exist, how complex property division is handled and what settlement scenario works best for both parties that much easier.
How inheritances and gifts may be protected in divorce
In Connecticut, couples who are getting a divorce must also divide their marital assets. However, if one individual has received an inheritance or gift from a family member, it may be unclear whether that will be divided between the two as well.
