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Property Division Archives

Stock options and restricted stock present challenges in divorce

Many Connecticut couples know that dividing property in a divorce can be a challenging process. Even if the assets only consist of a house, some savings and retirement accounts, the property division process can be complex. Marital property division becomes even more complicated when assets like restricted stock or stock options are involved. Stock options represent the opportunity to buy company stock at a fixed price regardless of the current market price. Restricted stock are shares of a company that have been granted as compensation but cannot be sold until certain conditions are met.

Tax audits can be caused by divorce

Divorcing Connecticut couples going through a divorce may be surprised to discover that, in some cases, the process may end up causing an audit of their tax returns. This is because a judge oversees property division determinations during the proceedings. If the judge becomes aware of hidden assets and other property or earnings that haven't been reported, there is an ethical obligation to report any suspected discrepancies to the IRS. These reported inconsistencies can lead to a tax audit.

Ways to protect your assets in a divorce

Many Connecticut residents may be interested in a recent article that discussed ways to protect your assets during a potential divorce. According to the author, while the new year is often a time for instituting new resolutions and goals, many couples around the nation are also deciding to begin their divorce proceedings; more than 800,000 divorces are filed every year in the U.S. While some divorces can indeed be amicable, if a contentious divorce does occur, parties can work to prepare for the division of assets ahead of time.

Property division should be logical not emotional

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.

Expert witnesses may aid in a divorce

Couples in Connecticut contemplating getting a divorce might be surprised to hear that expert witnesses can aid them in making their divorce cases. People who are considered experts are those who are trained to offer professional opinions on specific issues. Various types of experts specialize in certain practice areas.

Division of assets in divorce calls for full inventory

Connecticut is home to many wealthy couples who have often accumulated expensive real estate and artwork during their marriage. These spouses as well as others who are going through a divorce are advised to consider other less-obvious assets as part of the marital property division process that can be as important as the issues of spousal support and child custody.

Financial steps to take during divorce

While couples in Connecticut and elsewhere may face challenges as they go through a divorce, it is possible for them to leave the situation while still being financially intact. By being conscientious while working through a division of property, a person can do damage control ahead of time and avoid conflict.

Divorce and real property division

When Connecticut homeowners divorce, the division of marital assets can become fairly complicated. It is not unheard of for someone who has gone through a divorce and signed away legal rights to a home during property division to later discover that they are still on a mortgage and considered responsible for payments by the lender. This can even be the case if someone has sent a copy of the divorce decree to the mortgage holder.

Prenuptial tips from 'Fox and Friends'

Connecticut residents might be interested to hear some prenuptial tips that were discussed on 'Fox and Friends." According to 'Fox and Friends," approximately 45 percent of first marriages end in divorce, and most first marriages do not have prenuptial agreements. In fact, most people who do get prenuptial agreements fall into one of two categories. They are either people who are on their second marriages or people who are getting married later on in life.

Timing of divorce and bankruptcy

Connecticut readers might be interested to know that timing is a big issue when deciding how to handle circumstances involving divorce and bankruptcy. It is important to understand that bankruptcy is a window of opportunity that divorce can have a profound impact on. Sources suggest that filing for bankruptcy is best done before filing for divorce, but other issues, such as a looming foreclosure, may complicate the timing.

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