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The financial aspect of separation and divorce

| Jun 25, 2019 | Family Law And Divorce

When couples in Connecticut get a divorce, they may spend some time wondering who gets the house, the kids and the pets. They may also discuss whether or not alimony payments should be a part of the deal. However, as the separation and divorce process continues, they may soon realize there are many other financial considerations to keep in mind.

Divorce is costly, but this is true even when there are no legal fees involved. People often lose a half of what they own, if not more, after a divorce. This may be the case even when the other spouse did not bring another half of assets into the relationship. Courts count the value the partner brought to the home as a homemaker to take care of the house, raise the kids and support the breadwinner.

ABC news recommends that even when couples harbor some lingering attachment or hope of reconciliation, it is best to start the financial separation process immediately. This may include getting separate credit cards and bank accounts. The homemaker may struggle with this aspect if they did not maintain a strong credit history, so the breadwinner should take care not to financially isolate a dependent spouse. This may cause them to grab every other asset they can hold on to, to protect themselves.

Forbes also recommends that couples start budgeting. In many households, even though the breadwinner makes the money, it is the homemaker who may see to it that bills are paid on time. When the breadwinner becomes responsible for this on their own, they may not budget properly. Likewise, the homemaker will no longer have access to the high level of income they did before and will need to plan accordingly, especially if they plan to keep the children and keep a house with a mortgage.

Finally, Forbes recommends that couples not get stuck in what it calls “separation limbo.” This can happen once couples live separately as they may not believe a divorce is necessary until someone wishes to remarry. However, making that divorce final represents the real turning point for many individuals who wish to establish true independence.

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