When it comes to a high asset divorce, both spouses usually find themselves ticking off things on their to do lists. They want to be certain they have crossed every T and dotted every I, which is of course a wise approach. High net worth divorces have unique complications involving a wide array of financial factors, making the extra attention crucial.
Parents in Connecticut who are contemplating divorce often experience a cascade of stress over how it will affect their children. Divorce issues revolving around children can be extremely emotional, which can turn into a contentious situation if not kept in check. A good way to both lessen these types of reactions while gaining the proper information to lead parents forward in a calm manner is to learn about the basics of child custody in Connecticut.
Divorcing spouses in Connecticut might benefit from understanding more about keeping beneficiary designations up to date. One of the most important steps in maintaining current records for an upcoming divorce is reviewing the names listed as beneficiaries on various documents. Divorcing spouses may need to ensure that they designate another individual as beneficiary instead of their ex-partner. Some of the documentation that has a designated beneficiary may include annuities, retirement plans, life insurance policies or transfer of death ban or brokerage accounts.
Connecticut couples whose divorce orders involve alimony need to be aware of how the payments are treated by the IRS for tax purposes. Unlike child support, which does not have to be reported as income and which cannot be claimed as a deduction, alimony payments must be reported by the recipient and can be deducted by the payor.
For affluent couples who choose to divorce, particularly those over the age of 50, asset division may be far more complex than for a younger couple. In addition to the usual liquid or semi-liquid assets, including the contents of bank accounts, jewelry, art and real estate, retirement funds and portfolios must be included in the marital estate to ensure an equitable distribution of property.
A lot of parents can resolve their issues regarding custody and visitation through informal negotiations or an alternative processes such as collaborative law and mediation. These decisions are detailed in a written agreement, which may be called a parenting or custody agreement.
During a Connecticut divorce or some time after a family court judge has issued a child custody order, a child might talk about preferring to live with one parent instead of another. Children's wishes are often a factor in custody orders, but judges prioritize children's best interests. Along with the child's preference, judges must consider each parent's ability to meet their child's developmental needs and the child's relationship with each of his or her parents.
Maintaining healthy connections with each parent and their extended family members can be possible for Connecticut children whose divorced parents can work together to allow reasonable visitation to occur. Reasonable visitation is intended to allow children and the noncustodial parent opportunities to maintain and nurture the relationship, and encourages both parents to keep in contact with each other, create realistic and reasonable visitation dates and times, and be understanding to a non-custodial parent's requests to have the children for meaningful dates and events.
Stephanie Ollie, wife of Connecticut Huskies coach Kevin Ollie, filed for a divorce in November after 16 years of marriage. Both parties agreed that the marriage was over with no possibility of reconciliation. Papers filed show they are seeking joint custody of their two teenage children, child and spousal support for Stephanie Ollie and equal division of their property.
Connecticut residents may be interested in learning about how a qualified domestic relations order works as it pertains to divorce settlement. In some cases, the court may order than an ex-spouse or dependents may be able to receive part of a 401(k). In this event, the terms of how much they are entitled to and when they will be able to receive payments from the 401(k) will be established in the QDRO.