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.
Imagine you and your spouse are in your 50s. You've saved up a nest-egg to pay for your retirement years. However, your spouse develops Alzheimer's disease, which means that you and your spouse are going to endure massive medical bills. Those bills could result in the exhaustion of all your retirement. Essentially, you and your spouse will have to wait until you're impoverished before Medicaid kicks in to help with the bills. One solution to this dilemma could be divorce.
Connecticut is an equitable distribution state, which means that your marital property will be divided fairly but not necessarily equally. This can work well for couples who earn incomes of varying levels or who put in different amounts of money into the relationship.
If you give someone an engagement ring, is it your right to ask for it back if you break off the engagement or decide to later get a divorce? This is something many people question, and there isn't actually an easy answer. Courts often disagree on who the engagement ring should belong to, and there are multiple factors to consider.
Digital assets may be an important part of your divorce. If that's the case, then you need to know how to protect them. For many people, protecting digital assets starts before marriage.
Divorce is not something most people want to go through, but yet, many people do. Their marriages may break down, or they may think they have no other option because of problems with finances or other factors.
Both spouses usually own the family home together as a part of the marital estate. This can leave the question of who will stay in the family residence somewhat unclear. Since a home is usually worth over a hundred thousand dollars — often several hundred thousand dollars — allowing one spouse to keep the residence may not even be possible.
When you get a divorce, one thing you need to understand well is the way your property will be divided. In Connecticut, the state follows equitable distribution laws. This means that each party is able to fight for an equitable share of the marital estate.
If you and your significant other are unmarried but live together, you may still build up a collection of assets that you've purchased together. Unlike in a marriage, your assets aren't immediately divisible based on your shared interests, though, if you choose to separate.
It's easy to look just at the short-term financial picture when going through a divorce, but it can be disastrous. It is critical that you think about every decision through the lens of your big-picture financial plans.